199 Chauncey StBrooklyn, NY 11233

Property Details for 199 Chauncey St

Year built

2016

Lot size

0.07 AC

Property size (Sq ft)

5,611 SF

Zone code

R6B

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

01687-0069

APU

16870069

Description

This exceptional 16-unit Class A apartment building, located in the desirable Bedford-Stuyvesant neighborhood of Brooklyn, NY, presents a compelling investment opportunity. Built in 2016, this property boasts 11,222 square feet of net rentable space, with each unit commanding a price of $337,500. The building features high-end finishes including real hardwood floors, central heating and air conditioning, in-unit washer/dryers, and modern white acrylic custom kitchen cabinets. Currently benefiting from a 421a tax abatement (year 5 of 15), resulting in a low annual tax bill of only $2,074. Upon abatement expiration, all rent-stabilized units have a path to becoming free-market. Strategically located on Chauncey Street between Malcolm X Boulevard and Patchen Avenue, the property enjoys excellent public transportation access via the A, C, J, and Z subway lines, providing easy commutes to Manhattan and Downtown Brooklyn. Its proximity to the Fulton Street retail corridor and the vibrant Bed-Stuy dining and entertainment scene further enhances its appeal. The asking price is $5,400,000, representing a compelling 6.5% cap rate and a land value of $481 per square foot. This fully occupied building offers minimal management needs and significant long-term investment potential.

• CAP approach

  CAP return

  Valuation

  6%

  $1,150,306

  6.5%

  $1,061,821

  7%

  $985,976

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,136,356

  Geo Method

  $1,136,356

• Alternative Use

  Use

  Valuation

  Residential

  $1,061,821

  Hospitality

  $972,622

  Educational

  $809,210

  Medical

  $837,040

  Retail

  $1,258,771

Location Insight

City

Brooklyn

County

Kings

State

New York

Latitude

40.6809

Longitude

-73.927

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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