199 Chauncey St Brooklyn, NY 11233-5563

Property Details for 199 Chauncey St

Year built

2016

Lot size

0.07 lot acres

Property size

5,611 SF

Zone code

R6B

Property type

Apartment buildings

APN

01687-0069

APU

16870069

Description

This exceptional 16-unit Class A apartment building, located in the desirable Bedford-Stuyvesant neighborhood of Brooklyn, NY, presents a compelling investment opportunity. Built in 2016, this property boasts 11,222 square feet of net rentable space, with each unit commanding a price of $337,500. The building features high-end finishes including real hardwood floors, central heating and air conditioning, in-unit washer/dryers, and modern white acrylic custom kitchen cabinets. Currently benefiting from a 421a tax abatement (year 5 of 15), resulting in a low annual tax bill of only $2,074. Upon abatement expiration, all rent-stabilized units have a path to becoming free-market. Strategically located on Chauncey Street between Malcolm X Boulevard and Patchen Avenue, the property enjoys excellent public transportation access via the A, C, J, and Z subway lines, providing easy commutes to Manhattan and Downtown Brooklyn. Its proximity to the Fulton Street retail corridor and the vibrant Bed-Stuy dining and entertainment scene further enhances its appeal. The asking price is $5,400,000, representing a compelling 6.5% cap rate and a land value of $481 per square foot. This fully occupied building offers minimal management needs and significant long-term investment potential.

Location Insight

City

Brooklyn

County

Kings

State

New York

Longitude

-73.927

Latitude

40.6809

CBSA code

35620

CBSA name

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

Property Tax & Assessments