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.

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