Thursday, May 12, 2011

More Prospect Heights Mixed Use: 637a Vanderbilt Avenue

Back on the bustling Vanderbilt Avenue for a look at another mixed-use property in a price range that competes with many 2 & 3-Family properties just around the corner. 637a Vanderbilt Avenue has 2 apartments plus a commercial space that's currently used as a restaurant.

Not much indication of what's going on other than that. "BUILDING HAS BEEN TOTALLY RENOVATED" is the only sense of the interior we get. The distinction between 637 and 637a has us a little thrown too. The pictures on Property Shark concur that 637a is "The Usual", but this listing shows 637 being "The Usual", listed before the crash for $1.35M and taken off the market right around the time of the crash.

Perhaps some tacos for lunch next door will clear this matter up. More info to come later...

But so far from where we stand this place might be a good way to owner-occupy and get rent in a great neighborhood for right around the downpayment it'd take to come up on some of the neighboring residential plays. The market and the block have certainly changed since 2008, so we understand the price increase. However, it looks like the owners picked the building up in 2003 for $620K, so even with some renovations put into it we're not losing sleep over a little price flexibility on their end.

Pro's: location, rental income potential, price point compares favorably to residential in this area

Con's: perhaps a noisy block to live on, commercial loan needed, not much info to work with

Ideally: definitely commands $1.2M-ish in our book, and depending on the condition and the rents, could be much more.

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