Tuesday, January 11, 2011

Real Recognize Real: 645 Baltic Street

645 Baltic Street is a 4-Family in Park Slope, just down from 5th Avenue where Gorilla Coffee is. It's not on the cutest block ever with some neo-grimey row houses across the street, but definitely well-situated in that opening edge of Park Slope. Close to the stadium, but not right next to it. From the Google Streetview it actually looks like deep adjacent back yards leave lots of space behind those back bedroom windows, with a view of the picturesque Williamsburg Savings Bank tower at Hanson Place:

(Click image to enlarge)

As always, Corocoran hits ya with a decent write-up, a layout, lots of quality pictures - running laps around the competition. The interior looks fantastic with nice floors, original mantles, exposed brick, lots of natural light. There are legit 2BR rentals on the top two floors and large 1BR's on the bottom two floors:

Even with the limitations of the 32' deep floorplate, they made use of space to maximize the quality rental potential in this neighborhood. While you won't be able to finance all the way up to the 4-Family FHA loan limit of $1.4M, certainly $1.2M or more is do-able. Although, at this asking price, in this neighborhood, that probably won't even come up. This property was listing in November 2010 and is now in contract (before we even got a chance to take a look at it). We knew it looked good... =( Real recognize real.

Compare this place to another 4-Family that was a great buy a few blocks away, 590 Pacific Street. Compared to 137 Adelphi, this place should go for way above asking price!

Pro's: neighborhood, great interior, maximized lay-out, totally turn-key, rental income potential

Con's: not the quaintest block, only 32' deep, so nice that somebody's bound to pay too much for it before we get a chance

Ideally: we woulda loved to get it for $1.35M!

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