Boerum Hill Sleeper: 82 Dean Street

Sort of a stale listing here too, but an interesting case. The location of 82 Dean Street can't be beat. Just off Smith Street in the heart of Boerum Hill. Around the corner from the F & G one block away, a short train to the city. Trader Joe's just over on Court Street. A nice walk to the Brooklyn Promenade. Quality neighborhood. Listening to the smooth sounds coming from Bar Tabac on the corner...

This place has been up for over a year at this price. Listing says it "needs to be totally renovated". Which is what happened to 190 Dean, a much larger mixed-use place on the corner two avenues further off Smith that closed in December '09 for $1.4M.

Much shallower building here at 82 Dean, 36' deep, giving it a 720 sqft floorplate. What do we think a renovation might cost to get it up to speed? Winding up with 1BR's on each floor that command good rents or converting to a single family? Similar to the turn-key 354 DeGraw, which closed around its $925K asking price in April '10. Except 82 Dean's about 50% pricier.

Anybody seen the inside? How extensive a renovation might we be talking here? What's the destiny for this place? I would've said there's no way it gets converted into a condo or co-op until I saw a garden level apt across the street close in October '09 for $650K.

We're also not sure what the relationship is with the next door/attached building 133 Smith Street, which it's listed with on Property Shark. Wonder what kind of Certificate of Occupancy (C of O) issues might be going on with that.

Pro's: location, rentability

Con's: size, costly renovation needed, potential C of O issues

Ideally: you got 354 Degraw! Can't see much going on here at 82 Dean above the $1M range.