Saturday, May 14, 2011

Another Mixed-Use Play In Contract: 593a Vanderbilt Avenue

Vanderbilt is poppin'. Almost identical to the mixed use plays we looked at the past few days comes another relatively affordable price point for a store plus 2 apartments, 593a Vanderbilt Avenue. This building on this ever-developing avenue in Prospect Heights hit the market at $1.495M in February 2011 and gradually dropped $100K each month until it went into contract on 5/12/11 with the latest list price of $1.25M. The motivation to sell was clear, and the property didn't last long once it found a reasonable price. We have to concur with the listing that "a savvy investor or a small business owner looking for a commercial space plus high rental income, will know immediately that this is a must-have."

It makes us interested in some of the other plays still availble on this block, with all this activity going on.

The apartments have great details, aren't legit 2BR's, but are a better look than we expect from 637a, which could also explain how quickly this moved.

As short as this stretch of Vanderbilt is, it's legitimately become Prospect Heights' answer to what 5th Avenue is in Park Slope. Locals know, and others will soon recognize. And being able to get in on this block at reasonable prices will be a solid buy as the surroundings only stand to improve.

Pro's: bustling location, turnkey renovation, rental income potential

Con's: noisy avenue without a residential feel, not 2BR rentals, commercial loan requires a lot down

Ideally: there's a play left to be made, perhaps for the FSBO down the street...

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