89 Hanson Place #Building, New York City, NY 11217 (MLS # RLMX-105526)

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View Virtual Tour PRICE $2,500,000 BEDS 7 BATHS 7 HOME SIZE 2,700 sqft LOT SIZE n/a Request More Info Schedule a Showing

Classic Fort Greene Brownstone - Cash Flowing with 5.5% Projected Cap Rate

Discover a charming piece of Fort Greene history in this well-preserved four-story brownstone, where classic craftsmanship meets contemporary comfort. This handsome building showcases soaring ceilings, original hardwood floors, opulent crown moldings, distinctive arches, and tall windows on both sides of the building that allow unobstructed light to shine in. Beyond its architectural appeal, this 7-unit building presents an exceptional investment opportunity, offering an impressive projected net operating income of $137K and an attractive 5.5% cap rate at asking price in one of Brooklyn's most coveted neighborhoods.

The building's versatile layout includes four market-rate units on the parlor and 2nd floors, complemented by three rent-stabilized units on the ground and 3rd floors. This configuration presents an ideal scenario for investors seeking strong returns or owner-occupants interested in converting the parlor and 2nd floors into a spacious duplex while maintaining excellent income from the remaining units.

All units have been consistently maintained and kept up to date aesthetically, ensuring that should the building remain an investment with the same unit distribution, no cosmetic improvements will be needed. The property's fully occupied status, with meticulously screened and reliably paying tenants, provides immediate stability for any investor.

Located in an optimal area, this brownstone offers unparalleled access to all of the citys amenities. Enjoy proximity to more train lines than anywhere else in the city, putting all of New York at your doorstep. The vibrant neighborhood boasts some of Brooklyn's hottest restaurants such as Thea, Miss Ada, and Evelina, the renowned Brooklyn Academy of Music (BAM), and beloved Fort Greene Park, all within blocks.

While situated near some of Brooklyn's most desirable landmarked blocks, this property is not itself on a preserved block. With 2000 sq ft of unused FAR, there are many possibilities for development, allowing investors to maximize the property's potential.

A true gem in Fort Greene, this beautiful, classic brownstone presents an unbeatable combination of architectural integrity, location, and investment credentials. Whether you're an investor seeking strong returns or an end-user looking for a home with income potential, this property offers outstanding opportunities in one of Brooklyn's most desirable neighborhoods.



Showings by appointment reach out to learn more.