626 Madison St Brooklyn, NY 11221

Property Details for 626 Madison St

Year built

1899

Property type

Commercial real estate

Description

This exceptional Class A, bank-owned foreclosure presents a compelling value-add opportunity in Brooklyn's desirable Bedford Stuyvesant neighborhood. The 3-story, 3,840 sq ft brownstone at 626 Madison St, built in 1899 and fully renovated in 2015, offers four units currently configured as one 1-bedroom and three 2-bedroom apartments. However, the existing layouts are not optimized, presenting a significant opportunity to increase unit size and rental income. Each unit could easily be converted into a three-bedroom, two-bathroom layout, maximizing rental potential. The property boasts modern amenities including central air conditioning, modern appliances, and wine fridges in each unit. Adding to its appeal are private porches on the upper floors, created by a steel deck at the rear of the building, providing significant outdoor space. The building features windows on three sides and sits on a 2,000 sq ft lot. With 160 sq ft of available air rights, further expansion possibilities exist. Currently vacant, this property offers a 7.50% cap rate and a pro-forma cap rate of 7.58%, with a pro-forma NOI of $170,573. The asking price is $2,250,000, or $562,500 per unit. Zoned R6B, this property is an ideal investment for those seeking a high-return, value-add opportunity in a prime Brooklyn location. The property's strong foundation and recent renovation provide a solid base for immediate value creation.