70 Hancock StStaten Island, NY 10305

Property Details for 70 Hancock St

Year built

1975

Lot size

0.28 AC

Property size (Sq ft)

12,960 SF

Zone code

R3-2

Property type

Apartment buildings

APN

03342-0021

APU

33420021

Description

This exceptional 27-unit apartment building presents a compelling investment opportunity in Staten Island, New York. Located at 70 Hancock Street, this three-story, 13,197 square foot building boasts a prime location directly across from the Staten Island Railroad's Dongan Hills station, offering residents convenient access to Manhattan and Brooklyn. Built in 1975 and extensively renovated in 2024, the property features a mix of studio, one-bedroom, and one-bedroom duplex apartments. The first floor comprises nine one-bedroom lofts with high vaulted ceilings and floor-to-ceiling windows. The second floor offers nine studio apartments, while the third floor mirrors the first with nine spacious one-bedroom duplex units. Each loft on the second and third floors includes a private fire escape, doubling as a private balcony. All units are individually metered for electricity, enhancing tenant control over utility costs, while the building utilizes a single, efficient heating system. The property sits on a 13,197 square foot lot and currently generates a Net Operating Income (NOI) of $515,000, with a pro-forma NOI projected at $737,400. This translates to a current cap rate of 5.26% and a pro-forma cap rate of 7.52%. The asking price is $9,800,000, representing a price per unit of $362,962.96 and a price per square foot of $742.59. The building is currently at 100% occupancy. The vacant parking lot presents additional income potential through leasing or conversion into extra rental units. Its strategic location between Hylan Boulevard and Richmond Road ensures high foot traffic and proximity to various amenities. This property, zoned R3-2, offers significant potential for strong returns and long-term growth.

• CAP approach

  CAP return

  Valuation

  6%

  $2,971,340

  6.5%

  $2,742,780

  7%

  $2,546,860

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,981,220

  Geo Method

  $1,981,220

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $4,413,130

  Retail / Commercial

  $2,263,030

  Mixed-Use / Specialty

  $2,254,960

  Hospitality / Lodging

  $1,654,400

  Office

  $2,241,570

  Institutional / Educational

  $2,344,250

  Multifamily

  $3,289,540

  Automotive / Energy

  $2,009,360

  Parking / Income-Based Land

  $693,406

  Restaurant / Food Service

  $1,172,820

  Healthcare / Senior Housing

  $2,312,420

Location Insight

City

Staten Island

County

Richmond

State

New York

Latitude

40.5886

Longitude

-74.0953

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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