Two Multifamily Buildings with 12 Residential Units

471-475 Chauncey Street

Bed-Stuy/Ocean Hill

$2,950,000

12 Residential Units
11,314 Gross SF
3 Stories
Between Saratoga Avenue & Thomas S. Boyland Streets
Subways
c
j
z
Multifamily 471-475 Chauncey Street, Bed-Stuy/Ocean Hill
PDF
Matthew Cosentino
Have Matthew contact you

Want Matthew to contact you?

I would like to be contacted:

Details

Block 1510
Lots 57 & 56
Lot Sizes 25.83 ft x 100 ft
Building Sizes 25,83 ft x 73 ft
Building Class C2
Zoning R6
FAR 2.2
Total Buildable SF 5,682
Additional Buildable SF 25

Overview

TerraCRG has been retained to exclusively represent ownership in the sale of the two multifamily buildings at 471-475 Chauncey Street in the Bedford-Stuyvesant section of Brooklyn. The buildings are located in close proximity to the J/Z trains at Chauncey Street and the C train at Rockaway Avenue.

The buildings are oversized with a total SF of 11,314 and an approx. 52 ft. x 73 ft. footprint. There are 12 total units, 3 of which have been renovated and converted from railroad style units to 2 and 3 bedroom units. The other units are railroad style layouts that are attractive as the bathroom is already set in the middle of the apartment along with air shafts in the middle of the units, which provide light and air to potentially create additional bedrooms. The buildings are very well maintained, including new roof, recent pointing, new electric service and intercom system.

The buildings currently have a gross rent roll of approx. $175,000/year and an NOI of approx. $118,000/year. The buildings are priced at $260/SF and a 4% CAP rate with enormous upside in almost all rents.

Attractions

The building is located near many new, exciting restaurants, bars, cafes and apparel stores that are opening to meet the needs of the influx of new residents to the area.

Manny's Restaurant
Bed-Stuy Fresh & Local
The Bar Boutique
Lady Moo Moo Ice Cream
The Wilky Bar
Bread Love

Similar Listings

Brooklyn Neighborhood Guides

Our neighborhood guides tell you everything you need to know about Brooklyn, from comprehensive market data to the best places to eat, shop and play.

Learn More >