Friday, August 5, 2011

That's More Like It: 706 Union Street

706 Union Street is a 4-Family in brownstone in prime Park Slope that wants $1.95M. While this price is about as high as we usually take a look at, it looks like a way better value than yesterday's pick at $1.775M. 706 Union is just a few doors down from 5th Avenue and Union Hall. The building stands at a healthy 20' x 60', which over 4 floors yields a hefty 4,800 sqft. The glimpse we get into the original details retained and quality look better than yesterday's pick:

The listing says it's currently used as a 3-Family with an owner's duplex, and had an annual rent roll of $91K. That rent roll sounds very modest to us considering the rental market in the center of Park Slope like this. We can't ignore how high the price is in general, but considering this fixer-upper on 4th Street closed for $1.6M and the ratty 405 Douglass quickly went into contract in the $1.3M range - 706 Union is looking pretty spiffy.

Pro's: super central location, curb appeal, HUGE size, high ceilings, rental income potential, original details, turnkey

Con's: expensive, some might not want to be right on Union like that

Ideally: if this were marketed better, it'd probably be gone already

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