Listing Notes
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 access-ideal 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.
Price in context
Cheaper than 25% of the 24 homes listed nearby right now, which run $575,000 to $1,275,000.
See all 24 nearby listings
| Address | Asking | Size |
|---|---|---|
| 520 Warwick St | $575,000 | 3 bd · 2 ba |
| 573 Schenck Ave | $580,000 | 3 bd · 2 ba |
| 576 Barbey St | $625,000 | 3 bd · 2 ba |
| 623 Barbey St | $665,000 | 3 bd · 2 ba |
| 395 Vermont St | $675,000 | 3 bd · 2 ba |
| 587 Miller Ave | $699,900 | Studio |
| $749,000 | 4 bd · 3 ba | |
| 534 Warwick St | $764,999 | 4 bd · 3 ba |
| 469 Van Siclen Ave | $775,000 | 3 bd · 2 ba |
| 615 Hendrix St | $850,000 | 4 bd · 4 ba |
| 581 Van Siclen Ave | $850,000 | 5 bd · 2 ba |
| 581 Van Siclen Ave | $850,000 | 5 bd · 2 ba |
| 412 Bradford St | $909,900 | 5 bd · 2 ba |
| 655 Hendrix St | $949,000 | 8 bd · 3 ba |
| 655 Hendrix St | $949,000 | 8 bd · 3 ba |
| 563 Bradford St | $969,777 | 8 bd · 3 ba |
| 563 Bradford St | $969,777 | 8 bd · 3 ba |
| 524 Wyona St | $999,000 | 7 bd · 4 ba |
| 651 Barbey St | $1,100,000 | 14 bd · 6 ba |
| 623 Hendrix St | $1,120,000 | 5 bd · 3 ba |
| 543 Miller Ave | $1,175,000 | Studio |
| 852 Blake Ave | $1,199,000 | 7 bd · 3 ba |
| 405 Miller Ave | $1,199,999 | 6 bd · 3 ba |
| 660 Warwick St | $1,275,000 | 5 bd · 4 ba |
Where it is
For sale Coming soon Recently sold— zoom out for more