Thursday, January 27, 2011

A Walk Down Clinton Ave - Part II: 289 Clinton Avenue

Yesterday we took a look at a huge, gorgeous 6-Family that couldn't even fetch $900K. Today, we take a look at its neighbor. 289 Clinton Avenue is an identical building, but a legal 4-Family. This is a HUGE upgrade for so many reasons. Whoever made the conversion from an 8-Family (according to the old Zillow listing) added lots of value. Presumably the units are all free market, which means way more rental income potential to support a higher loan, and thereby higher purchase price. Also, as a 4-Family, one can still pursue a residential loan or FHA loan, requiring way less than the 30%+ downpayment that commercial loans require.

Oddly, according to StreetEasy, Corcoran listed the property for just one day in the fall of 2009 for $1.375M. According to Zillow, the property was then listed in June 2010 with another broker for just a month at $1.4M. Yet another broker took up the listing in July 2010 for $1.395M and it only hung around until November. By the time we contacted them a few months back, it was already off the market. =( The property history shows a deed transfer to the current owner back in 2007, but it doesn't have a price.

Who knows what the condition inside is like? The listing for $1.375M sure doesn't show us anything. Hmmm... who do we turn to when all other brokers are too lazy to get off the couch and market their properties?? ...I know: Corcoran!!

Lo and behold, they have a few pictures from an $1,800/month 1BR garden apartment listing back in 2008. Oh man, even when they stand to make only 1/50th as much as the sales listing agent would make, they're still running laps around the competition. Its kinda sad how much more professional you can be with just a little bit of elbow grease. The interior looks totally decent:

Why did they pull this house off the market just a few months ago?? Bring it back!

Pro's: curb appeal, neighborhood, 4-Family status, rental income potential

Con's: off the market, not sure what the rest of the interior is like

Ideally: they bring this thing back. It's gotta be worth at least $1.3M. Especially compared to some of those over-priced listings around the corner on Clermont.