637 Hegeman Ave Brooklyn, NY 11207

Property Details for 637 Hegeman Ave

Year built

1930

Lot size

0.04 lot acres

Property size

3,643 SF

Zone code

R6

Property type

Investment properties

Property subtype

Live-work space

APN

04303-0042

APU

43030042

Description

This exceptional investment opportunity presents a 3-unit apartment building in Brooklyn, NY, offering a compelling value-add proposition. The property, built in 1930 and renovated in 2019, boasts a total of 3,600 square feet on a 1,800 square foot lot, with an additional 5,040 square feet of air rights. Currently operating at 100% occupancy since December 29, 2017, the property generates a substantial net operating income (NOI) of $83,796, representing an 8.42% cap rate. The asking price is $995,285, translating to $276.47 per square foot and $331,761.67 per unit. The building features two residential units and a retail space, all currently leased. Its prime location, just five minutes from major retailers like Home Depot, Target, and ShopRite, ensures strong tenant demand and rental income potential. The R6 zoning permits various development options, allowing for potential expansion and increased value leveraging the significant air rights. This stabilized, Class B multifamily property offers a strong return on investment with significant upside potential for value-add strategies. The traditional ownership structure and absence of a ground lease provide a straightforward acquisition process. This is a rare opportunity to acquire a fully occupied, income-producing property in a thriving Brooklyn neighborhood.

Location Insight

City

Brooklyn

County

Kings

State

New York

Longitude

-73.8883

Latitude

40.6616

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments