About this property
Rare Three-Family Restoration Opportunity with Expansion Potential in Ocean Hill, Brooklyn
Enter into the world of potential with this legal three-family property nestled in the vibrant neighborhood of Ocean Hill. This residence is ripe for a transformative touch, with the promise of space expansion and a creative revamp.
Key Features:
Historical Character: Boasting 2,238 square feet of living space over two stories, this early 20th-century construction, complete with a durable brick exterior, is ready for a modern reimagination.
Lot Size and Elevation: The property spreads across a 1,967-square-foot lot with a notable elevation, providing a commanding presence in the area.
Development Ready: Zoned R6, the property holds untapped potential, with approximately 2,400 square feet of unused space offering a golden opportunity for those looking to expand the building’s envelope.
Customizable Interiors: Inside, find three residential units, each around 497 square feet, serving as a perfect template for bespoke renovation projects.
Basement with Potential: The full-sized, above-grade basement spans 746 square feet, ideal for additional living or amenity space.
Attractive Tax Rate: Owners benefit from a low annual property tax, currently set at $2,451.
In recognition of the significant potential that comes with this opportunity, the owner is prepared to negotiate a purchase concession aimed at assisting with a rate buy-down for the prospective buyer. This financial consideration can effectively lower the mortgage rate, thereby reducing the monthly payment burden and making this venture more economically viable.
Whether you’re looking to create a profitable rental property, a sumptuous single-family home, or a combination tailored to your needs, this property provides the foundation to bring your vision to fruition.
Unlock the potential of this unique space.
