70 Hancock StStaten Island, NY 10305

This exceptional 27-unit apartment building presents a compelling investment opportunity in Staten Island, New York. Located at 70 Hancock Street, this three-story, 13,197 square foot building boasts a prime location directly across from the Staten Island Railroad's Dongan Hills station, offering residents convenient access to Manhattan and Brooklyn. Built in 1975 and extensively renovated in 2024, the property features a mix of studio, one-bedroom, and one-bedroom duplex apartments. The first floor comprises nine one-bedroom lofts with high vaulted ceilings and floor-to-ceiling windows. The second floor offers nine studio apartments, while the third floor mirrors the first with nine spacious one-bedroom duplex units. Each loft on the second and third floors includes a private fire escape, doubling as a private balcony. All units are individually metered for electricity, enhancing tenant control over utility costs, while the building utilizes a single, efficient heating system. The property sits on a 13,197 square foot lot and currently generates a Net Operating Income (NOI) of $515,000, with a pro-forma NOI projected at $737,400. This translates to a current cap rate of 5.26% and a pro-forma cap rate of 7.52%. The asking price is $9,800,000, representing a price per unit of $362,962.96 and a price per square foot of $742.59. The building is currently at 100% occupancy. The vacant parking lot presents additional income potential through leasing or conversion into extra rental units. Its strategic location between Hylan Boulevard and Richmond Road ensures high foot traffic and proximity to various amenities. This property, zoned R3-2, offers significant potential for strong returns and long-term growth.