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199-201 Chauncey St 16 Unit Apartment Building $4,750,000 ($296,875/Unit) 7.96% Cap Rate Brooklyn, NY 11233
Investment Highlights
- Two 4-story buildings (one on each lot). Each building comprises 8 residential units, totaling 16 units.
- Built in 2016 with Certificates of Occupancy issued in 2018.
- Just a five-minute walk to the Utica Avenue [A, C] Subway Station, providing direct access to Manhattan and Downtown Brooklyn.
- Situated on a 5,884 sf lot with a combined building area of 11,768 sf.
- Properties currently benefit from a 421-a tax abatement through 2035, after which they will convert to 100% market-rate units.
Executive Summary
Asset CRG Advisors has been authorized to sell 199-201 Chauncey St, Brooklyn, NY 11233-5563. Property is a Two four-story
buildings located in the highly sought-after BedfordStuyvesant neighborhood of Brooklyn. Each building comprises 8 residential units, totaling 16 units. Situated on a 5,884 sf lot with a combined building area of 11,768 sf. Built in 2016 with Certificates of Occupancy issued in 2018. Properties currently benefit from a 421-a tax abatement through 2035, after which they will convert to 100% market-rate units, offering significant long-term upside.
buildings located in the highly sought-after BedfordStuyvesant neighborhood of Brooklyn. Each building comprises 8 residential units, totaling 16 units. Situated on a 5,884 sf lot with a combined building area of 11,768 sf. Built in 2016 with Certificates of Occupancy issued in 2018. Properties currently benefit from a 421-a tax abatement through 2035, after which they will convert to 100% market-rate units, offering significant long-term upside.
Property Facts
| Price | $4,750,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $296,875 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.14 AC |
| Cap Rate | 7.96% | Building Size | 10,524 SF |
| Gross Rent Multiplier | 10.8 | Average Occupancy | 100% |
| No. Units | 16 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 2016 |
| Property Subtype | Apartment | ||
| Zoning | R6B - The property is listed as zoned R6B (for both 199 and 201 Chauncey St). The combined properties comprise a mid-rise multifamily development. | ||
| Price | $4,750,000 |
| Price Per Unit | $296,875 |
| Sale Type | Investment |
| Cap Rate | 7.96% |
| Gross Rent Multiplier | 10.8 |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.14 AC |
| Building Size | 10,524 SF |
| Average Occupancy | 100% |
| No. Stories | 4 |
| Year Built | 2016 |
| Zoning | R6B - The property is listed as zoned R6B (for both 199 and 201 Chauncey St). The combined properties comprise a mid-rise multifamily development. |
Amenities
Site Amenities
- 24 Hour Access
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 16 | - | - |
1 1
Walk Score®
Walker's Paradise (90)
Transit Score®
Rider's Paradise (98)
Property Taxes
| Parcel Numbers | Improvements Assessment | $1,040,400 | |
| Land Assessment | $317,700 | Total Assessment | $1,358,100 |
Property Taxes
Parcel Numbers
Land Assessment
$317,700
Improvements Assessment
$1,040,400
Total Assessment
$1,358,100
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199-201 Chauncey St
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