985 Hancock St Brooklyn, NY 11221

Property Details for 985 Hancock St

Year built

1910

Property size

4,120 SF

Property type

Commercial real estate

APN

03387-0062

Description

This exceptional Class A apartment building, located at 985 Hancock Street in Brooklyn, NY (zip code 11221, Kings County), presents a lucrative investment opportunity. The property, built in 1910 and completely renovated in 2022, boasts 4,120 square feet of net rentable space across four stories. The building comprises three units, offering a total of twelve bedrooms, and is currently generating a net operating income (NOI) of $156,000. Each unit is a legal, free-market apartment. The asking price is $1,898,000, translating to $460.68 per square foot and $632,666.67 per unit. The lot size is 1,900 square feet, and the property includes 1,000 square feet of air rights. The permitted zoning is R6, C1-3, offering potential for future development. This fee simple ownership opportunity is situated in a highly desirable Brooklyn neighborhood. The property's strong financial performance and recent renovation make it an attractive investment for discerning buyers. The building's solid construction and desirable location ensure a strong return on investment. This is a rare chance to acquire a well-maintained, high-performing multifamily property in a prime Brooklyn location. The property's attractive features and strong financial performance make it an ideal investment for both seasoned and new investors.