Friday, September 16, 2011

Our First Foray into Crown Heights: 623 Park Place

Just east of Classon, a few doors down from Prospect Heights proper, 623 Park Place seems like it might have some relative value potential. This 4-Family brick building is close enough to commercial avenues on the rise like Franklin and Washington. It's close enough to trains and Prospect Park. This isn't the no-man's land that comes to mind when many hear Crown Heights. There's a healthy blend between Prospect Heights and Crown Heights on these blocks. It's nice to see a 4-Family, under a million, at $200/sqft, that boasts "a new roof, boiler and hotwater tank, large bedrooms with lots of closet space, [and a] backyard". If all the of the units are actually legitimate 2BR's, it's hard to see how this place doesn't cashflow right off the bat unless the condition of the interior is completely unlivable. Unfortunately, we get no interior pictures. But with Fillmore, that's not necessarily an indication good or bad.

Granted, there are houses with better artchitecture in Crown Heights proper for this price, but the play here is more about the value in its location and proximity to Prospect Heights. We'll be interested to see how it stacks up as we delve further east...

Pro's: 2BR rentals, price point, 3,700+ sqft, strategic location, more Prospect Heights than Crown Heights

Con's: curb appeal, no details on rental or tenancy, no photos, technically Crown Heights

Ideally: worth a look, and probably a great play to be made

1 comment:

  1. Turns out the listing is Century 21's, and the owner has gone MIA for many weeks, rendering this temporarily useless: