Overview

The fully vacant five unit building at 773 Hart Street is now offered for sale. The property is in very prime Bushwick location between Knickerbocker Avenue and Wilson Avenue in close proximity to both the Jefferson Street L train station and the DeKalb Avenue L train. The property is also 1.5 blocks from newly refurbished Maria Hernandez Park.

The 4,725 SF building (not including full ceiling height basement with windows) is 25 ft x 57 ft and consists of 5 vacant free market residential apartments. All the units are currently vacant and have been fully gutted so that a new owner can begin the next step of the renovation process immediately. Also a significant number of structural improvements have already been made to the building, including: (a) new footings, columns, beams, and joists in the basement; (b) replacement of beams and joists on second and third floor and (c) all floors in entire building have been leveled.

When completed the building would allow for 4 three bedroom apartments and 1 ground floor duplex apartment that would be approximately 1,680 SF. Newly renovated units in the area are achieving rents in the $45-50/SF range. After renovation, the building has gross income potential in excess of $200,000 and will have minimal utility expenses as each apartment will have its own HVAC unit and hot water heater. The units also have outstanding ceiling heights throughout, stretching to approximately 14 ft on the top floor (allowing for a mezzanine on the top floor).