697 Grand St, Brooklyn, NY 11211

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