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    712 Jerome St Brooklyn, NY 11207

    For Sale
    $595,000

    Prime 1.65-acre R5 site, 6,600 sqft

    Property size:
    6,600 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    369
    This exceptional development opportunity presents a 1.65-acre lot ideally situated at 712 Jerome Street in Brooklyn's East New York neighborhood. The property boasts a generous 40' x 100' lot size, offering approximately 6,600 square feet of buildable space. Zoned R5 Infill, this site is perfectly suited for the construction of multi-family dwellings, aligning with the area's current revitalization and growth. The R5 zoning allows for a residential floor area ratio (FAR) of 1.65, and a community facility FAR of 2.0. The property's location benefits from the ongoing development surge in East New York, evidenced by recent projects such as 250 Euclid Avenue, 2628 Fulton Street, and 888 Fountain Avenue. Further enhancing the area's appeal are the Gateway Center Shopping Plaza, retail developments along Elton Street, a new Thomas Jefferson High School football field, and the Spring Creek Educational Center. Future plans include three public parks and playgrounds, adding to the neighborhood's family-friendly amenities. The 2020/2021 real estate taxes were $1,672. This is a rare chance to capitalize on the burgeoning East New York market and create a significant return on investment. The asking price for this exceptional property is $595,000, translating to approximately $90.15 per square foot. The property currently includes a three-unit apartment building.

    Property Features for 712 Jerome St

    General Information

    Property type
    Multifamily properties
    Square Feet
    6,600 SF
    Lot Size
    71,874 SF

    Building Details

    Units
    3

    HighLights

    • 4332/12, 40x100 lot.
    • 6,600 square foot buildable area.
    • R5 zoning.
    • 1.65 Residential FAR, 2.0 Community Facility FAR.
    • $1,672 in 2020/2021 property taxes.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon Food Market Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.883459
    Latitude
    40.66295

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    FAQs

    What type of property is this?
    Multifamily property - Prime 1.65-acre R5 site, 6,600 sqft
    Where is this multifamily property located?
    The property is located at 712 Jerome St Brooklyn, NY.
    What is the asking price?
    The asking price for this property is $595,000.
    What are key features of this property?
    This property features: 4332/12, 40x100 lot.; 6,600 square foot buildable area.; R5 zoning.
    Request Owner's contact information
    712 Jerome St Brooklyn, NY 11207
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    712 Jerome St Brooklyn, NY 11207
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