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637 Hegeman Ave, Brooklyn, NY 11207

VJ
02136755
Engel & Voelkers - Long Beach
Listed by Engel & Voelkers - Long Beach
$795,000
925 days on market
Updated 112 days ago

Value-Add Mixed Use With Tremendous Upside

Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 3,600
Net Rentable (SqFt) 3,400
Units 3
Cap Rate 10.54%
NOI $83,796
Occupancy 100%
Price per SqFt $221
Broker Co-Op Yes
Class B
Year Built 1930
Year Renovated 2019
Buildings 1
Stories 2
Lot Size (SqFt) 1,800
Zoning R6
Investment Type Value Add
Occupancy Date 12/29/2017
Ground Lease No
Ownership Traditional
Sale Condition 1031 exchange

Multifamily | 3 Units | $265,000/unit

Marketing description

Looking for a fantastic investment opportunity in the heart of Brooklyn? Whether you are a first-time buyer who wants to open a business, or live in one unit and cashflow the rest, the possibilities are endless. Property details include:

🏠 Two Residential Units: Enjoy steady rental income from two beautifully appointed residential units. These spacious apartments provide comfortable living spaces for tenants seeking the perfect blend of convenience and comfort.

📦 Storage Rental: Maximize your revenue with an attached storage rental space. With high demand for storage solutions in the area, this additional income stream is a true asset to your investment.

🛍️ Retail Space: The property features a versatile retail space that's currently occupied, contributing to a growing rent roll. This space is ideal for a wide range of businesses, offering excellent visibility and foot traffic.

💰 Terrific Growing Rent Roll: This property is fully occupied with a rent roll that's on a steady upward trajectory. Enjoy a reliable stream of income from day one, and watch your investment grow over time.

🏗️ Opportunity to Add Value: Unlock the full potential of this property by increasing the rents and capitalizing on the 3,000+ square feet of air rights. The possibilities are endless, whether you choose to expand the existing structure or develop additional units.

🛒 Convenient Location: Situated just five minutes away from major retailers like Home Depot, Target, Nike, ShopRite, and a variety of dining options including Fusion East, this property is perfectly positioned to attract both residential and commercial tenants.

Don't miss out on this incredible opportunity to invest in one of Brooklyn's most dynamic neighborhoods. Whether you're an experienced investor or looking to enter the real estate market, this property offers a solid foundation for long-term financial success.

Contact us today to schedule a viewing and explore the potential of this prime commercial real estate gem in Brooklyn, New York. Act fast, as opportunities like this are in high demand!

Listing Contacts

VJ
02136755
Engel & Voelkers - Long Beach
Listed by Engel & Voelkers - Long Beach

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Loan Amount
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Annual Debt Service
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Annual Cash Flow
$83,796.00
$6,983.00/mo

Valuation Metrics

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DSCR
10.54%
Cap Rate
10.54%
ROI

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