Outstanding opportunity for an end user or investor to own a prime townhouse in East Williamsburg, one of the fastest growing areas in Brooklyn. The property is comprised of two lots; one of which features an existing three-story (three family) building, while the other is currently a vacant lot. Combined, the property allows for over 4,200 buildable sq. ft.. This investment provides a unique opportunity for an end user to construct over 4,200 sq. ft. luxury townhouse or an investor to renovate the existing interior and re-let the entire building, with the potential to generate a 5-6% return. Unlike many other development sites in the area, which require a variance for residential construction, 143-145 Richardson Street is located in a C2-4/R6 zoning district. The current FAR of 2.43 for allows for retail-mixed use or residential development up to ~4,200 square foot. 143-145 Richardson Street is conveniently located, steps from McCarren Park in North Williamsburg, and is surrounded by shopping, restaurants and cultural events. Transportation is readily available at the Graham Avenue L train station. The existing floor plans allow for two 1,000 square foot 2 bedroom apartments (2nd and 3rd floor) and a smaller one 1-bed room apartment on the ground floor. All apartments will have access to outdoor space. Potential Income (Annual - Projected): Apt 1: 1 Br with backyard ($30,000) Apt 2: 2Br with garden access ($42,000) Apt 3: 2Br with garden access ($42,000) Projected Annual Income: $ 114,000 Expenses (Annual ? Approx.): Insurance: $2,000 Water: $ 1,800 Gas Heat: $ 3,000 Taxes: $3533.64 Total Expenses: $10333.64
This property is off market, which means it's not currently listed for sale or rent on Zillow. This may be different from what's available on other websites or public sources.
