Thursday, October 6, 2011

Skinny Slice of Vinyl Siding: 413A Prospect Avenue

Welcome to South Slope, where people can flee the high prices of Park Slope and get just off the beaten path at a value, right? Ooops, unfortunately, maybe not anymore. 413A Prospect Avenue is a 13' wide, vinyl siding 2-Family that wants what a great brick 3-Family in other neighborhoods might cost you, $999K. Don't get us wrong, we'd love to be this close to the park, the F train, and this stretch of Prospect Park West - but is this the way to do it? At first glance this seems like a tiny, mispriced place, but look a little deeper...

The listing gives us 8 photos, a break down of the rent roll, a floorplan, the property address, lots of details about the way-decent renovation, and even valuable information for potential buyers such as the building "could be delivered occupied, partially or completely vacant." Using the building as a 3-Family has increased rents substantially, we always love skylights, and the wooden deck in the backyard is a nice touch. This house surprisingly feels like a home.

With bigger places asking less money in Clinton Hill, and with one of the best buys in Brooklyn dangling out in Fort Greene for less than this, we can't say this is best of breed or anything, but at $491/sqft we can see value here for someone as a condo alternative. Both of these listings, however, are living under a rock. So, if an incredible deal falls in the forest, does it make a sound?

Pro's: location, totally turnkey, decent renovation, wooden deck & backyard, used as a 3-Family for income, flexible tenancy

Con's: curb appeal, 13' wide, financing the used-as-a-3-Family might be tricky, a much better deal is waiting in Fort Greene

Ideally: know what you want, know what you're getting, and get the best

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