Sunday, July 25, 2010

Size Matters: 505 6th Avenue

Around the corner from yesterday's small 3-family comes an even smaller one 505 6th Avenue. Also in South Slope, this narrow 15' wide brick building comes in at a relatively low price point. Listed with Century 21 now for $1.095M, Googlemaps shows a VLS listing that was $1.275M once upon a time. The pictures on the listing show some exposed brick, rooms in nice condition, the back yard, and even a layout. We're not sure exactly how this is a 3-family with Property Shark listing the building class as a one-family, and the listing details a duplex & one bedroom rental. Might make closing as a 3-family harder to do with the bank. Either way, given our "owner-occupied + rental income" slant on these properties, not a lot of space or opportunity here.

Pro's: location, condition, price

Con's: size, questionable 3-family status, little rental income potential

Ideally: this makes the price of yesterday's listing seem much more reasonable. If you can only close with this as a two-family, the $960K loan limit comes into play. Between that and the mansion tax, we can't see this fetching anything above $999K.


  1. A reader notified us of a price drop to $949K ( and adds that the property is now in contract.

  2. This house closed for $920K on 12/6/10: