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Listing Courtesy of Corcoran Group
$ 3,990,000
Est. payment | /mo
8 Beds
4 Baths
8,420 SqFt
$ 3,990,000
Est. payment | /mo
8 Beds
4 Baths
8,420 SqFt
Key Details
Property Type Single Family Home
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Square Footage 8,420 sqft
Price per Sqft $473
Subdivision Williamsburg
MLS Listing ID RLS20103151
Bedrooms 8
Full Baths 4
HOA Y/N No
Year Built 2005
Annual Tax Amount $30,648
Property Sub-Type Mixed Use
Property Description
Introducing 697 Grand Street - A 3 story, 8420 SF mixed use building in the heart of thriving East Williamsburg. Boasting over 25' of frontage in this super-prime corridor, the property presents a rare opportunity to acquire a stable, income producing asset, with tremendous upside in its buildability and conversion to free market status. Solid 2005 build with steel & masonry construction, offered in excellent condition, with 4 residential units and 1 commercial space. The apartments are 900SF each, configured as 2 bedroom/1 bath units, with large proportions and modern finishes. Each unit has its own hot water heater, and is individually metered for gas and electric, keeping ownership costs to a minimum. The commercial space runs the full span of the building, with full glass frontage along Grand Street, plus basement and open back lot area. Massive potential with >4500 SF of buildable area, and an ideal setback on the second floor to create. The 421A tax exemption expires in 2033, deregulating the property to free market status, and robust rent growth. Desirable 2A tax class ensures a stable, predictable budget. Exceptional East Williamsburg location, minutes from both Graham Avenue and Grand Street "L" subways, with flourishing residential and commercial development in every direction. Triple-wide sidewalk and protected bike lane directly outside.
INVESTMENT HIGHLIGHTS
Superb Grand Avenue (Graham/Powers St) location with >25' frontage
Built in 2005 with steel/masonry construction
Separate hot water heaters & gas/electric meters for each unit
>4500 buildable SF
421A Tax abatement expires in 2033
Upside to 6.5% Cap Rate with free market rents
Protected 2A Tax Class
Lot dimensions: 26 ft X 125 ft
Lot SF: 3,238
Building dimensions: 25.83 ft x 96.12 ft
Building SF: 8,420
Mixed Use Building
4 Residential Units. 1 Commercial Space
Current FAR: 2.60
FAR: 4
Buildable Area: 4533 SF
INVESTMENT HIGHLIGHTS
Superb Grand Avenue (Graham/Powers St) location with >25' frontage
Built in 2005 with steel/masonry construction
Separate hot water heaters & gas/electric meters for each unit
>4500 buildable SF
421A Tax abatement expires in 2033
Upside to 6.5% Cap Rate with free market rents
Protected 2A Tax Class
Lot dimensions: 26 ft X 125 ft
Lot SF: 3,238
Building dimensions: 25.83 ft x 96.12 ft
Building SF: 8,420
Mixed Use Building
4 Residential Units. 1 Commercial Space
Current FAR: 2.60
FAR: 4
Buildable Area: 4533 SF
Location
State NY
County Kings
Rooms
Basement Other
Interior
Interior Features Smoke Free
Cooling Other
Fireplace No
Laundry In Unit
Exterior
Exterior Feature None
Pool Building None
View Y/N Yes
View Other
Porch None
Private Pool Yes
Building
Dwelling Type Mixed Use
Story 3
New Construction No
Others
Tax ID 02782-0035
Ownership None
Monthly Total Fees $2, 554
Special Listing Condition Standard
Pets Allowed Building Yes, No
RLS Data display by WJFNY