Tuesday, October 18, 2011

Wild Wild West: 603 Vanderbilt Avenue

We've always told you Brooklyn real estate is the Wild West - now we have the proof! Step right into 603 Vanderbilt Avenue and swoop up your own private saloon:

That's right, this mixed-use building on the corner of Vanderbilt Avenue and Bergen Street is the home of Branded Saloon and 4 nice rentals on top. Purchased in 2006 for $1.3M, now asking $2.5M, "it is a blend of early 1900's brownstone architecture improved by an innovative two-story addition and a penthouse in 2007" that now nets over $150K/year. That certainly isn't enough for the likes of reader "Park Slope Landlord", who wasn't too impressed by the $165K/year gross income on 364 Union Street, but you can't please all the people all the time. At least this place justifies it's $2M+ asking price better than, say, 338 Clinton Avenue. Corcoran sure does a good job. We hate to keep congratulating them for stuff they're supposed to do, as Chris Rock is apt to point out, but compared to some of the other jokers out there doing it, we can't help but appreciate their professionalism. We wonder what's going on with the garages along the Bergen side of this property. It's not immediately clear to us if those garages have been transformed into one of the apartments mentioned. The last time we walked by, it looked like the owner had taken advantage and added some value there too. We tip our cap to a great property and a great listing.

Pro's: location, large turnkey mixed use property, rental income potential, bustling block

Con's: the price isn't a deal or anything, requires hefty capital to acquire, all the upside's cooked in

Ideally: if you want a gorgeous 6-cap in a great location with some top-notch apartments, you'll be hard-pressed to beat this