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.