426 Chauncey St Brooklyn, NY 11233
- Commercial real estate
- 3,135 SF
Current Use by Public Records
- Commercial real estate
Property Details for 426 Chauncey St
- Property size
- 3,135 SF
- Property type
- Commercial real estate
Description
This exceptional three-unit apartment building, located at 426 Chauncey Street in Brooklyn's Ocean Hill neighborhood, presents a compelling value-add investment opportunity. Boasting 3,135 square feet across three stories, this property sits on a 1,900 square foot lot and offers a strong current net operating income (NOI) of $120,500, translating to an 8.03% capitalization rate. The asking price is $1,500,000, or $500,000 per unit. Each unit is currently occupied, resulting in 100% occupancy. The building underwent renovations in 2016. Its strategic location between Saratoga Avenue and Thomas S. Boyland Street provides excellent access to public transportation, with proximity to the Chauncey Street (J, Z) train station and the Ralph Avenue (A, C) train station. Multiple bus routes (B7, B20, B24) further enhance accessibility. The property also includes 1,482 square feet of available air rights, presenting potential for future expansion or development. This well-maintained building offers a solid return on investment with significant upside potential for a savvy investor. Financial records are available upon request. This is a rare opportunity to acquire a multifamily property in a rapidly appreciating Brooklyn neighborhood.
Value Estimation
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Brooklyn
- County
- Kings
- State
- New York
- Longitude
- -73.9152536
- Latitude
- 40.6819121
