171 Hancock St Brooklyn, NY 11216-2119

Property Details for 171 Hancock St

Year built

1905

Lot size

0.05 lot acres

Property size

4,500 SF

Zone code

R6B

Property type

Apartment buildings

APN

01833-0076

APU

18330076

Description

This exceptional 10-unit apartment building in Brooklyn's coveted Bedford Historic District presents a compelling investment opportunity. Boasting 5,720 square feet of net rentable space, the property features a desirable mix of seven free-market and three rent-stabilized units, offering significant upside potential for rental income. The building's unique layout includes two spacious two-bedroom duplexes on the lower two floors (20' x 80' footprint), each with private garden access, and efficient one-bedroom units on the upper three floors (20' x 40' footprint). Situated on a picturesque tree-lined street, this well-maintained property benefits from a protected 2B tax class, limiting annual tax increases. Its prime location offers convenient access to the A & C subway lines, providing a quick commute to Downtown Brooklyn and the Financial District. The building's strong financial performance is reflected in its impressive $217,734 NOI and 6.67% cap rate, making it an attractive investment for both seasoned investors and owner-occupiers seeking a blend of income and lifestyle. The building's architectural charm and the neighborhood's desirability create an ideal setting for a hybrid owner/user/investor strategy. The asking price is $3,250,000.

Location Insight

City

Brooklyn

County

Kings

State

New York

Longitude

-73.9491

Latitude

40.6829

CBSA code

35620

CBSA name

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

Property Tax & Assessments