Monday, May 9, 2011

Small 2-Family with Value: 552 Clinton Street

Out last month for $1.295M, we noticed 552 Clinton Street took a quick price drop to $1.195M. That means good news - they're probably serious about selling. This small 2-Family on the southern edge of Carroll Gardens looks like an estate sale that has some value within range of the 2-Family loan limit. The exterior is quaint; the inside too:

This looks like the kind of place that's live-ably turnkey from the jump, but lets you make manageable renovations as you go along. Weighing in at only 20' x 35', and 2,100 sqft, you still get an owner's duplex with a backyard and a healthy 1BR rental that don't need a gut reno for a price that isn't off the charts. Compare to other small, outer edge turkney plays in the 2-Family market like the popular 279 13th Street. Throw in some original details, and proximity to Smith & Court Streets, and you've got yourself something that's worth a look. Has the potential to be a better play than even the funky 3-Family 511 Clinton Street.

Pro's: seems turnkey, original details, should be some price flexibility, rental income potential, lots of amenities to the north

Con's: BQE to the south, outer edge of Carroll Gardens, small

Ideally: with an estate sale and a quick price drop, there should be room to make a play both sides can be happy with

1 comment:

  1. Huge BQE sign visible from backyard killed it for us.