Thursday, August 18, 2011

King Kong Unleashed: 234 St. James Place

After looking at a so-so 8-Family yesterday, it's time to unveil the best 8-Family in Brooklyn: 234 St. James Place. Funky situation here because the latest listing it appeared in for $1.3M, the whole website is down. There's still the StreetEasy listing with another broker for historical sake, at a much higher price. This building is a steal to us anywhere below $1.5M, so we were surprised to see it back on the market for a relatively paltry $1.3M, after listing for $1.5-$1.7M off & on since 2009.

The upside here is ridiculous. It's an 11,000+ sqft lime stone building with 8 units, 4 of which have 3BR's, 4 of which have 4BR's. While it's got rent controlled or rent stabilized tenants in most units, it's still grossing over $165K/year. The one destabilized apartment was renting for $3,200/month the last time we checked, which puts free market rental income potential at over $265K/year. The building has incredible wood and marble original details throughout...

(E-mail us for more pics & info)

The property is around the corner from the C train, in the heart of Clinton Hill, doors away from a stretch of Fulton Avenue that's on the rise. It's also doors away from where Notorious B.I.G. lived at at 226 St. James Place.

(Biggie on Fulton in 1994)

Of course, we owe the term "BK to the Fullest" to Biggie from the end of his track "Brooklyn's Finest" with Jay-Z. And to this day, the kids in front of 234 St. James still rock a mean Brooklyn Bop and even a cross-borough Harlem Shake.

Pro's: curb appeal, location, size, current rental income, potential for more rental income, price

Con's: elusive/rotating agents are hard to get a hold of, lack of clarity on the property

Ideally: if you can get your hands on one of these agents, tell 'em $1.3M all day. E-mail us for more details, pics, rent rolls, etc...

1 comment:

  1. closed for $1.6M on 6/1/2012. Buy of the year, hands down.