Monday, November 22, 2010

Within Reach 4-Family: 19 3rd Street

On the market for 200+ days and just had a $50K price drop two weeks ago, 19 3rd Street is a great looking brick 4-Family on a nice block in Carroll Gardens. The listing claims gross rents of $9,000/month. Right where you'd wanna be on a street amid blocks of houses with many above $2M+. These owners purchased in 2007 for $1.235M and did a bunch of renovations, but the none of the interiors on the listing are particularly stunning:

Maybe one of the closest plays to the 4-Family loan limit with the rent roll to actually justify it. But this price looks to be a break-even attempt for the owners, who it seems pulled an addtional $400K in equity out soon after purchasing the house. Which may explain why we've heard some near-asking offers have been shot down.

Pro's: curb appeal, nice block, 3 blocks to the train, neighborhood, appreciation potential, turn-key with good rentals in place

Con's: not the finest interior, not the biggest floor plate, not the cheapest price, 1BR rentals?

Ideally: there's a play to be made right around the 4-Family loan limit.


  1. Ok, back out on the market and turns out it's a 3-Family:

  2. Now listed here: