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Mixed-Use

619 Hancock St

619 Hancock St, Brooklyn, NY 11233

Listing Price: $6,900,000

Occupancy
100.0%

Investment Overview

Marcus & Millichap is pleased to present 619 Hancock Street, Brooklyn, NY 11233 (Block/Lot: 01656-0052). The subject property is located on a scenic and tree-lined block between Stuyvesant Avenue and Malcom X Boulevard in the highly desirable Stuyvesant Heights section of the borough’s Bedford Stuyvesant neighborhood. The asset is a mixed-use building consisting of eight market rate residential apartment units and a community facility space occupied by a successful day care center. All of the apartments feature four bedrooms, except two units which are duplexed between the first and second floors, each having three bedrooms and five bedrooms respectively. The property had been converted from commercial to residential uses and has been extensively renovated in 2018. The units feature loft style finishes and offer ample light and air from large windows and a set of skylights. All apartment inhabitants have access to extra storage space, a common gym facility and paid laundry service. All utilities are sub metered and expenses are covered by the tenants. The day care also covers 40% of the real estate taxes above the base year. The building’s apartment rents are significantly below today’s market rates and offer investors immediate rental upside with further room to grow the building’s income by way of strategic renovations and capital improvements. The immediate area offers an eclectic mix of restaurants, cafes, shopping and night life nestled within Stuyvesant Height’s iconic architecture and tree-lined blocks featuring rows of beautiful brownstone homes. The property is a short 10 minute walk from the Utica Avenue A and C line subway stop and various bus stops along the nearby Fulton street corridor. A prospective purchaser will assume an existing agency loan at a fixed 4.51% interest rate and a current loan balance of approximately $5,600,000. The existing rate is locked through 1/1/2026. There is a 1% loan assumption fee. 619 Hancock Street offers investors the unique opportunity to purchase a strategically located, well maintained and fully cash flowing asset with significant room to grow the existing rent-roll and to capitalize on Stuyvesant Heights staggering post pandemic rent growth.

Investment Highlights

  • Eight Free Market Apartment Units over 6,000 SF Day Care Center
  • Highly Desirable 2B Protected Tax Class
  • Fully Cash Flowing Asset with No Deferred Maintenance
  • Immediate Upside within the Below Market Rent Roll with additional Income Growth Potential through Capital Improvements
  • Assumable Agency Financing at 4.51% Rate Locked Through 1/1/2026
  • Within a 10 minute walk from the Utica Ave A and C Subway Train Stop
  • Located within the Iconic and Architecturally Significant Stuyvesant Heights

Exclusively Listed By

Mixed-Use

619 Hancock St

Investment Highlights

  • Eight Free Market Apartment Units over 6,000 SF Day Care Center
  • Highly Desirable 2B Protected Tax Class
  • Fully Cash Flowing Asset with No Deferred Maintenance
  • Immediate Upside within the Below Market Rent Roll with additional Income Growth Potential through Capital Improvements
  • Assumable Agency Financing at 4.51% Rate Locked Through 1/1/2026
  • Within a 10 minute walk from the Utica Ave A and C Subway Train Stop
  • Located within the Iconic and Architecturally Significant Stuyvesant Heights

Investment Overview

Marcus & Millichap is pleased to present 619 Hancock Street, Brooklyn, NY 11233 (Block/Lot: 01656-0052). The subject property is located on a scenic and tree-lined block between Stuyvesant Avenue and Malcom X Boulevard in the highly desirable Stuyvesant Heights section of the borough’s Bedford Stuyvesant neighborhood. The asset is a mixed-use building consisting of eight market rate residential apartment units and a community facility space occupied by a successful day care center. All of the apartments feature four bedrooms, except two units which are duplexed between the first and second floors, each having three bedrooms and five bedrooms respectively. The property had been converted from commercial to residential uses and has been extensively renovated in 2018. The units feature loft style finishes and offer ample light and air from large windows and a set of skylights. All apartment inhabitants have access to extra storage space, a common gym facility and paid laundry service. All utilities are sub metered and expenses are covered by the tenants. The day care also covers 40% of the real estate taxes above the base year. The building’s apartment rents are significantly below today’s market rates and offer investors immediate rental upside with further room to grow the building’s income by way of strategic renovations and capital improvements. The immediate area offers an eclectic mix of restaurants, cafes, shopping and night life nestled within Stuyvesant Height’s iconic architecture and tree-lined blocks featuring rows of beautiful brownstone homes. The property is a short 10 minute walk from the Utica Avenue A and C line subway stop and various bus stops along the nearby Fulton street corridor. A prospective purchaser will assume an existing agency loan at a fixed 4.51% interest rate and a current loan balance of approximately $5,600,000. The existing rate is locked through 1/1/2026. There is a 1% loan assumption fee. 619 Hancock Street offers investors the unique opportunity to purchase a strategically located, well maintained and fully cash flowing asset with significant room to grow the existing rent-roll and to capitalize on Stuyvesant Heights staggering post pandemic rent growth.

Exclusively Listed By

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