530 Chauncey Street

Introducing 530 Chauncey Street, an expansive 6-family brownstone with huge upside potential in an unbeatable location in Ocean Hill. This is a once in a lifetime opportunity to own an income producing building with a 5.36% cap rate. The building is in good condition with large floor-through layouts for each apartment. 3 of the 6 units are free market. 2 of the free market apartments are 3 bedroom, 1.5 bath fully renovated with separate electric and hot water. The 3rd free market apartment will be delivered vacant with approved plans to be converted into a 3 bedroom, 2 full-bath with private garden access, but the possibilities are endless with this unit. Turn it into the owners duplex of your dreams with garden access or duplex it creating optimal income potential. The other 3 units are rent stabilized and the basement has been semi-renovated.530 Chauncey sits on a 26 x 100 ft lot with a building size of 26 x 70 ft, making for a gross square-foot total of 5,460 sqft. The R6, C2-3 zoning allows for an FAR of 2.43 for residential space, leaving 858 sqft of buildable left. The Facility FAR is 4.8.Centrally located near numerous subway lines, 530 Chauncey is less than 1 block from the J/Z Chauncey St subway station, and a few short minutes from the L and C subway stations, as well as Broadway/Junction. Groceries and delis can be found at every corner and close proximity to restaurants and bars just 1 block away on Bushwick Ave.With major NYC redevelopment slated for the surrounding area, and located in a designated opportunity zone, this neighborhood is primed and ready for investors and end-users alike.