538 Hendrix Street,Brooklyn, NY 11207
Brooklyn, NY 11207
Description
DEVELOPER ALERT: R5 Zoning Blockbuster - Grandfathered 2.42 FAR Multifamily in East New York! Description: Attention strategic developers, cash buyers, and value-add investors! 538 Hendrix Street presents an extraordinary Brooklyn anomaly: a massive, built-out multifamily footprint situated within a highly desirable R5 Zoning District. Legally classified as a 2-Family home but currently operating as a high-income 3-Family setup, this brick asset is a goldmine for cash buyers ready to maximize an existing footprint that is literally impossible to legally build from scratch today.The Footprint & Layout: Unit 1: Highly rentable 3-Bedroom layout Unit 2: Generous 2-Bedroom layout Unit 3: Additional 2-Bedroom layout Bathrooms: 3 Full Baths (one per unit) Bonus Potential: Full, unfinished basement with independent accessideal for building mechanical storage, tenant lockboxes, or potential duplex expansion.The R5 Zoning & Development Advantage: In an R5 district, new residential builds are strictly capped. However, this property grants you an incredibly valuable, grandfathered envelope: Zoning District: R5 Standard Max Residential FAR: 1.5 (Max Buildable Area: 1,482 sq. ft.) Current Built FAR: 2.42 (Current Built Area: 2,391 sq. ft.) The Math: This structure sits -909 sq. ft. OVER standard modern R5 residential limits. The Opportunity: By executing an "As-Is" gut renovation or a variance-backed modernization of the existing structure, you preserve a massive layout advantage that a standard vacant lot or new construction simply cannot match.Terms & Disclosures: INVESTORS, CASH, OR HARD MONEY BUYERS ONLY. Property will be delivered completely AS-IS. Configured as a 3-bed over 2-bed over 2-bed + unfinished basement. Buyer is entirely responsible for verifying all zoning codes, certificates of occupancy, and navigating any future legal legalizations or variance optimizations with the NYC DOB.
Details
| MLS # | 1013705 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1901 |
| Days On Site | 76 |
| Listing Provided By | 1st American One NYC LTD | Marc Dori |
Features
| SQ Feet | 2,394 |
|---|---|
| Basement | Y |
| Units | 3 |
| Acreage | 0.02 |
Interior
| Cooling | None |
|---|---|
| Heating | Baseboard |
| Interior Features | First Floor Bedroom |
Exterior
| Construction Materials | Brick |
|---|
Parking
| Garage Yes / No | No |
|---|---|
| Parking Features | None |
Utilities
| Utilities | Electricity Connected, Natural Gas Connected, Sewer Available |
|---|---|
| Sewer | Public Sewer |
Taxes
| Tax Year | 2025 |
|---|---|
| Tax Assessed Value | 63180 |
| Tax Annual Amount | 3460.72 |
Area Information
| State | NY |
|---|---|
| County | Kings (Brooklyn) |
| City | Brooklyn |
| Zip Code | 11207 |
| School District | Transit Tech Career And Tech Edu |
| Elementary School | Ps 149 Danny Kaye |
| High School | Transit Tech Career And Tech Edu |
| Listing VS Median (in 11207) | |
Price: $999,999 low | high Med: $894,450 sqft: 2,394 low | high Med: 1,600 $ / sqft: $418 low | high Med: $595 On site: 76 low | high Med: 199.5 | |
Market Activity 11207
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Learn More About This Property
| State | NY |
|---|---|
| County | Kings (Brooklyn) |
| City | Brooklyn |
| Zip Code | 11207 |
| School District | Transit Tech Career And Tech Edu |
| Elementary School | Ps 149 Danny Kaye |
| High School | Transit Tech Career And Tech Edu |
| Listing VS Median (in 11207) | |
Price: $999,999 low | high Med: $894,450 sqft: 2,394 low | high Med: 1,600 $ / sqft: $418 low | high Med: $595 On site: 76 low | high Med: 199.5 | |
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