Friday, September 23, 2011

Prospect Heights Flip: 678 Dean Street

678 Dean Street is a four-story, 25' x 25' 2-Family that encourages you to "bring your architect, your contractor and your imagination and turn this great house in the town house of your Dreams." The price & location grab you. It's not everyday you see a building in Prospect Heights between Vanderbilt and Underhill for $999K anymore. Just look at 154 Underhill Avenue that came out for $999K, went into contract in a couple of weeks, and just closed for $1.05M.

Corcoran would show you nice photos if there were anything to see, so it's clear lots of work is needed here on Dean Street. Maybe someone will modify the garden apartment with triplex above configuration on do something nifty with the cubic space.

Being just off an up & coming avenue has it pro's and con's, but will always have a certain value. That must've been what the current owners were thinking when they picked this place up in back in May 2011 for $680K. A nice buy for them, maybe a nice opportunity for someone else, and a much less encumbered play than yesterday's flip. Depending on the renovation budget needed, there's a lot of value potential here. If this were in the middle of a rowhouse block, this price would probably do it in a flash. If the renovation on 678 Dean Street is steep, why not just step over to the enormous 71 Irving Place?

Pro's: just off of a great avenue, down from the park, vacant canvass to personalize, 25' wide

Con's: curb appeal, could be a hefty renovation needed, not the most residential-feeling block, 25' deep

Ideally: someone will make a stab at this

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