Tri State Commercial Realty inks an exclusive representation of a 15,000 SF space at Bedford-Stuyvesant!
619 Hancock Street is located on a scenic and tree-lined block between Stuyvesant Avenue and Malcolm X Boulevard in Bedford-Stuyvesant.
The asset is a mixed-use building comprising eight free-market residential apartment units and a community facility space occupied by a thriving daycare center. The building is 15,000 SF across two stories, with a 75 x 100 floorplate.
The property had been converted from commercial to residential uses and was extensively renovated in 2018.
The units feature loft-style finishes and offer ample light and air from large windows and a set of skylights. The residential tenants benefit from extra storage space, a common gym facility, and paid laundry service. All utilities are sub-metered and expenses are covered by the tenants. The daycare also covers 40% of the real estate taxes above the base year.
The building’s apartment rents are significantly below today’s market rates, offering investors immediate rental upside with further room to grow the building’s income.
Priced at only $436 PPSF, this already cash flowing building is priced way below replacement cost.
Property Type: Mixed-Use Property
Total Space Available: 15,000 SF
Complete Address: 619 Hancock Street, Brooklyn, NY 11233
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