Wednesday, August 25, 2010

Another Undercover 4-Family: 233 Ashland Place

Macus & Millichap do a great job. They break down their properties in multi-page reports with photos, current rents, pro-forma, pictures, comps, neighborhood analysis, everything. But, you've gotta register with them to get their listings regularly. However, they were kind enough to post a "For Sale" sign over at 233 Ashland.

$1.25M for a 4-family in Fort Greene sounds like a very do-able price on lots of levels. Rents should be pretty good over here, especially on the 2BR units. The 4-family FHA loan limit is higher than $1.25M. And this place compares favorably to some of the other 4-family properties we've been looking at this week, and in the past month.

However, this isn't the ideal neighborhood-y kind of block one imagines in Ft. Greene. And with one of those big new developements Forte right across the street serving up rentals, you may be up against some new spaces as your rental competition. While we don't usually fear that over-priced rentals situated pretty much in the middle of no-where sans near-by amenities are actual competition for renters who wanna live on a brownstone block, we don't recommend buying a brownstone in the shadows of those buildings without considering their influence.

Pro's: price, 4-family, 2BR rentals, we suspect renovations

Con's: location is more downtown Brooklyn than brownstone Brooklyn, rental competition across the street, are the rents even there yet?

Ideally: worth a look-see, the numbers might just work at this price, but know what you're getting into


  1. new listing agent:

  2. Went in contract 6/14/11: