Listed by Matthews
$1,995,000
1066 Hancock Street
Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 3,300
Units 3
Cap Rate 5.93%
NOI $118,282
Occupancy 100%
Price per SqFt $605
Year Renovated 2019
Buildings 1
Stories 3
Acreage 0.046
Zoning R6
Fully Renovated 3-Unit Free Market Multifamily in Prime Bushwick Location
Investment highlights
- Fully Renovated: The building underwent a full gut renovation in 2019, with all new floors, windows, and high end finishes throughout
- Fully Free Market: The property has no history of rent regulation
- Owner User Opportunity: Finishes, garden access, neighborhood, and transit oriented location make this an ideal candidate for a hybrid owner/user/investor living in one or more of the units and renting out the rest
- Investment Opportunity: Fully occupied and cashflowing on 12 month leases
- Cashflow + Upside: Currently grossing $148K / year, with natural upside as Bushwick continues to appreciate
- Highly Efficient: Each renovated unit is responsible for their own utilities
- Transportation Accessibility: The L and M train lines are within 3-5 blocks away, offering access to Williamsburg and Union Square within 25 minutes
- Protected Tax Class: Tax class 1 limits RE tax increases to no more than 8% a year or 30% over 5 years
Listing Contacts
Listed by Matthews
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$118,282.00
$9,856.83/mo
Valuation Metrics
0
DSCR
5.93%
Cap Rate
5.93%
ROI
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