4802 6th Ave - Neo Gothic Church with 18K BSF 12,424 SF Specialty Building Offered at $4,000,000 in Brooklyn, NY 11220
INVESTMENT HIGHLIGHTS
- Neo-Gothic Corner Masterpiece
- Historic Tax Credits for up to 50% of the Renovation Costs
- Possibiity to Transfer Air Rights to 61 Different Lots
- Investor or End-User
- Opportunity Zone
- Potential to sell Church and Manse Separately
EXECUTIVE SUMMARY
4802 6th Avenue, a beautiful Neo-Gothic church and ancillary manse on a prime corner in the Central Sunset Park Historic District. This opportunity has multiple avenues wherein a knowledgeable investor could utilize the unique site characteristics to achieve above-market returns by any or all of the following methods:
-Since it is in a historic district, as well as a QCT, by converting the interior to 18,000 residential SF (23,400 with UAP) you would qualify for Historic Tax Credits (additional information on page 12) resulting in the reimbursement of up to 50% of your renovation/development costs;
-The City of Yes changes for historic district Air Right Transfers (additional information on page 10) allow you to sell your air rights to 61 (!) different lots on or around this block;
-The property is located in an Opportunity Zone (OZ) allowing for the deferment of current and future capital gains taxes.
These unique characteristics would also work well for an end-user, such as a church, school, club, or non-profit.
Feel free to reach out to Nathan.Horne@Compass.com/706-255-5657 to discuss these possibilities, to arrange a showing, or to make an offer.
-Since it is in a historic district, as well as a QCT, by converting the interior to 18,000 residential SF (23,400 with UAP) you would qualify for Historic Tax Credits (additional information on page 12) resulting in the reimbursement of up to 50% of your renovation/development costs;
-The City of Yes changes for historic district Air Right Transfers (additional information on page 10) allow you to sell your air rights to 61 (!) different lots on or around this block;
-The property is located in an Opportunity Zone (OZ) allowing for the deferment of current and future capital gains taxes.
These unique characteristics would also work well for an end-user, such as a church, school, club, or non-profit.
Feel free to reach out to Nathan.Horne@Compass.com/706-255-5657 to discuss these possibilities, to arrange a showing, or to make an offer.
DATA ROOM Click Here to Access
FINANCIAL SUMMARY (PRO FORMA - 2025) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
PROPERTY FACTS
1 of 1
Walk Score®
Walker's Paradise (93)
Transit Score®
Rider's Paradise (93)
Bike Score®
Very Bikeable (77)
PROPERTY TAXES
| Parcel Number | 00775-0044 | Improvements Assessment | $300,150 (2024) |
| Land Assessment | $71,550 (2024) | Total Assessment | $371,700 (2024) |
