712 Jerome StBrooklyn, NY 11207

Property Details for 712 Jerome St

Year built

1930

Lot size

0.09 AC

Property size (Sq ft)

200 SF

Zone code

R5

Property type

Retail properties

Property subtype

Gas stations

APN

04332-0012

APU

43320012

Description

This exceptional development opportunity presents a 1.65-acre lot ideally situated at 712 Jerome Street in Brooklyn's East New York neighborhood. The property boasts a generous 40' x 100' lot size, offering approximately 6,600 square feet of buildable space. Zoned R5 Infill, this site is perfectly suited for the construction of multi-family dwellings, aligning with the area's current revitalization and growth. The R5 zoning allows for a residential floor area ratio (FAR) of 1.65, and a community facility FAR of 2.0. The property's location benefits from the ongoing development surge in East New York, evidenced by recent projects such as 250 Euclid Avenue, 2628 Fulton Street, and 888 Fountain Avenue. Further enhancing the area's appeal are the Gateway Center Shopping Plaza, retail developments along Elton Street, a new Thomas Jefferson High School football field, and the Spring Creek Educational Center. Future plans include three public parks and playgrounds, adding to the neighborhood's family-friendly amenities. The 2020/2021 real estate taxes were $1,672. This is a rare chance to capitalize on the burgeoning East New York market and create a significant return on investment. The asking price for this exceptional property is $595,000, translating to approximately $90.15 per square foot. The property currently includes a three-unit apartment building.

• CAP approach

  CAP return

  Valuation

  6%

  $48,607

  6.5%

  $44,868

  7%

  $41,663

• Comparable approach

  Method

  Valuation

  Relative Method

  $65,853

  Geo Method

  $65,853

• Alternative Use

  Use

  Valuation

  Residential

  $37,848

  Hospitality

  $34,668

  Educational

  $28,844

  Medical

  $29,836

  Retail

  $44,868

Location Insight

City

Brooklyn

County

Kings

State

New York

Latitude

40.663

Longitude

-73.8834

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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