347 Grand StBrooklyn, NY 11211

Property Details for 347 Grand St

Year built

1910

Lot size

0.05 AC

Property size (Sq ft)

4,170 SF

Zone code

R6B

Property type

Retail residential properties

APN

02384-0026

APU

23840026

Description

This exceptional 3-story mixed-use building at 347 Grand Street in Williamsburg, Brooklyn offers a compelling investment opportunity. Spanning 4,170 square feet on a 2,317 square foot lot, this 1910-built property boasts three units: two occupied, rent-generating apartments and a vacant 2,300 square foot commercial space. The building is zoned R6B/C2-4, providing flexibility for future development. Currently, the apartments are large, free-market units, and the vacant store is projected to command $12,500 per month in rent, based on a $65 per square foot rate. Significant value-add potential exists through apartment upgrades, potentially increasing rental income by over 40%, and exploring options to reclassify the building to minimize tax burdens. The property's prime location on the north side of Grand Street, between Marcy Avenue and Havemeyer Street, places it within a vibrant neighborhood known for its popular restaurants and close proximity to the Metropolitan Avenue (G) and Lorimer Street (L) subway stations. The asking price is $3,350,000, representing a price per square foot of $803.36. Additionally, 463 square feet of air rights are available. This property presents a rare chance to acquire a well-situated mixed-use asset with substantial upside potential in a highly sought-after Brooklyn neighborhood.

• CAP approach

  CAP return

  Valuation

  6%

  $854,888

  6.5%

  $789,127

  7%

  $732,761

• Comparable approach

  Method

  Valuation

  Relative Method

  $844,521

  Geo Method

  $844,521

• Alternative Use

  Use

  Valuation

  Residential

  $789,127

  Hospitality

  $722,836

  Educational

  $601,391

  Medical

  $622,074

  Retail

  $935,497

Location Insight

City

Brooklyn

County

Kings

State

New York

Latitude

40.7126

Longitude

-73.9557

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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