Janet Kashani
Call: (516) 244-5252
Text: (516) 244-5252
MLS#1013705
STATUSActive
PROPERTY TYPEMulti Unit - Multiple
SCHOOLBrooklyn 19
Property Description
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.
Property Features
Property Type: Multi Unit - Multiple
Basement: Unfinished
Basement: Yes
Cooling: None
Heating: Baseboard
Lot Size: 0.02 Acres
Taxes: $3,460
Year Built: 1901
Amenities
First Floor Bedroom
Feature Descriptions
Building Area Total: 2394
Exterior: Brick
On Market Date: 2026-06-15
Parcel Number: 04058-0122
Parking Features: None
Property Attached Y/N: 1
Rental Term: Monthly
Seller Concession: Yes
Sewer: Public Sewer
Units: 3
Utilities: Electricity Connected, Natural Gas Connected, Sewer Available
Water: Public
Local Schools
High School: Transit Tech Career And Tech Edu
Middle School: Jhs 292 Margaret S Douglas
Elementary School: Ps 149 Danny Kaye
School District: Brooklyn 19
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Estimated Payment
$ 2,805.57 per month $2,225.57 Principal & Interest $288.33 Property Tax $291.67 Homeowner's InsuranceChange Payment Information
Listed By / Shown By
Listing By
Agency Name: 1st American One NYC LTD
Agency Phone: 516-376-9720
Shown By
Agent Name: Janet Kashani
Agent Phone: (516) 244-5252
Agency Title: Laffey Real Estate
538 Hendrix Street | MLS# 1013705
This multi-family property located at 538 Hendrix Street , Brooklyn, NY 11207 is currently listed for sale with an asking price of $999,999. Hendrix Street is located within the Brooklyn 19 school district. Search Brooklyn real estate on janetkashani.laffey.com today.