Wednesday, September 14, 2011

Large Prospect Heights 4-Family: 245 Prospect Place

When it comes to finding the sweet spot in Brooklyn real estate, Prospect Heights is where it's at in our book. Pricing has gotten out of hand in BoCoCa and Park Slope for the most part, but Prospect Heights is where great housing stock, proximity to the park, and good value still all manage to align. Accordingly, 419 Sterling Place didn't last long even with the damage to the roof & ceiling. Today's pick looks like it has potential too. 245 Prospect Place is a large 4-Family building just off of Vanderbilt Avenue. With this extra deep lot, you get a 5,000+ sqft building AND a deep yard. This $1.65M price might seem a tad high at first, considering we get no look inside and the listing mentions the bathrooms and kitchens need updating. But the price per squarefoot ($317) and legit 2BR rentals are pretty compelling. Decent cosmetic updating isn't expensive at all, relatively. This broker usually posts some pretty nice pictures, though, so those are probably on the way. Afterall, they did sell 407 Sterling too. We recommend trying to get a look ASAP, because this might not last...

Pro's: location, curb appeal, size, 4-Family status, 2BR rentals, price per squarefoot

Con's: no look inside yet, "Units In Need Of Updates"

Ideally: even assuming a modest renovation budget, this is a very interesting play

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