Saturday, May 28, 2011

Another Atlantic Commons Play: 357 Cumberland Street

Quickly following Corcoran's sale of 472 Carlton and 468 Carlton in Atlantic Commons around the corner comes 357 Cumberland. As turnkey 3-Family properties in Fort Greene go, this new construction is about as good a value as you're going to find. Especially on this street that doesn't face daunting housing projects like the other two properties.

The interior shows the clean, semi-generic interior that's pretty much the same thing we saw at the two places on Carlton:

But is $1.1M the price over here now? We got caught up last fall splitting hairs over price when they first hit the market, but it's not everyday that you come across a turnkey building that with $100K down or less can cost you around $6K/month total and generate up to $8K/month. You get a little backyard (although this one doesn't look as deep as the Carlton yards) and a parking space, all in a tucked-away but centralized location. Compared to the other prices going on in the surrounding blocks, it's easy to see why someone might come along and pay up for this. Especially if the next-closest play might be $1.3M and need $200K down.

Pro's: turnkey, new construction, true 2BR rentals, backyard, location, rental income potential, under the 3-Family FHA loan limit

Con's: a bit generic and cookie-cutter for those with unique taste, vinyl siding rear exterior, owners might want to update some finishes inside for themselves

Ideally: we looked to snag at a deal, but in this market, we can see how it's still worth it up to asking price

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