Tuesday, September 14, 2010

Affordability in the Slope: 360 6th Avenue

If you love the amenities, proximity to Prospect Park, and strollers of Park Slope, but don't have the $2M to spend on a huge brownstone, it's pretty slim pickens. Luckily, there are a few options. 360 6th Avenue is a small, vacant, 3-Family brick building on a great, quiet little stretch of the Slope. The building's pretty thin at 16' wide, though the lot is deep so the backyard is an ample 30'. We like that the "renovated laundry room" is on the laundry list (pun intended) of features this building has to offer, while there's clearly a LAUNDROMAT next door in the photo. Any vacant 3-Family building offers a certain amount of versatility, but with such a small floorplate in a narrow building like this, it's hard to imagine having much to work with for living or renting. Currently set-up as an owner's duplex with 2 floor-through rentals above, there's only so much those rentals can ever fetch. Besides, Slope rents aren't what they used to be.

That said, this place is probably priced pretty well. Massey Knakal generally doesn't like to dick around. The property compares favorably to a few others we've covered like the nearby 505 6th Avenue. With only a few properties in this price range on these blocks, it's easy to compare apples to apples, even when it's apples to oranges.

("Jewish Edition" no less!)

And getting into an undeniably-nice hood at a low price point always has value. As a wise man once told me, "You'd always rather be the last crumby house in a nice neighborhood than the first nice house in a crumby neighborhood."

Pro's: location!, deep yard, vacant, potential value, easy to know what you're getting Slope-wise

Con's: width, not much rental potential, condition unknown

Ideally: If the size isn't a deal-breaker for you, it's worth a look. Stack it up to the other hodge-podge properties in the Slope around this price. And, as always, avoiding the mansion tax would be a nice plus too.

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