Listed just above the borough-high average of $1.54M for Cobble Hill homes, at $1.595M, 82 Butler Street is a 4-Family brownstone in PRIME Cobble Hill that's worth a look. Unlike some of the more lofty price points or janky joints running around these parts towards outer Carroll Gardens, this looks like a turn-key rental operation. It would seem the apartments are set-up as large 1BR's, but if 2BR's could fit on any of the floors, given the 25' width of this building, the rent per floor might be more optimal. We love that the listing even calls out the gross rent roll of $94K/year, the fact that each unit has its own washer/dry (great ROI there), and that tenants even pay their own heat & hot water.
Don't forget the back yard and deck:
At these current rents, the max FHA loan amount might not get all the way up to the 4-Family loan limit of $1.4M. But market rents might be estimated even a little higher, so ask around. From what we can tell, the owner's had it for years and is sitting on a great monthly rental income check and tons of equity. So probably no hurry to drop the price there, but also perhaps room to negotiate without any heavy loan to get out from under.
Especially with foolishness like this going on, a garden-level condo closing a few blocks away for $700/sqft+, at $479/sqft, 82 Butler is almost a play as a condo alternative. Or, given its great condition on the interior, it's not even a far cry from a condo conversion play.
Pro's: prime Cobble Hill, steps to usable trains & amenities, great rental income potential, totally turn-key, 25' wide, backyard & deck
Con's: currents rents can't get up to $1.4M loan limit, 1BR's rentals?
Ideally: look into it and keep an eye on it. This is a good buy for many at this asking price. It becomes REALLY interesting anywhere closer to $1.4M.
This listing, one of the best in the 4-Family space, is now in contract.
ReplyDeleteClosed for $1.52M on 5/11/2011. One of the best buys out there, and in this market, someone paid up for it accordingly.
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