Saturday, January 14, 2012

Mixed-Use on Prime Fort Greene Corner: 250 Dekalb Avenue

We love the feel of this stretch of Dekalb Avenue in Fort Greene. Renting over here can be a joy, quietly tucked in the middle of it all, without the presumptuousness of some neighborhoods or prematurely-gentrified feel of others. It's just an overall great vibe. 250 Dekalb Avenue sits on the corner of Vanderbilt and Dekalb, just a block away from Brooklyn Flea, and in a long alley of restaurants and spots leading up to Fort Greene Park. They show us a bit inside, but not much:

Not the best, not the worst, but we'd rent it in a second. They want $2.3M over here, which sounds legitimate to the ear when we're talking about 5,500 sqft and 3 apartments + a bistro tenant. The ground apartment sounds like it's not currently set up as residential, so that would need some work to turn around. They started at $2.5M in November and dropped their price within a month. As corner mixed-use properties go in this price range, we'd rather end up at 603 Vanderbilt, closer to Prospect Park for just $100K more, and that might be just the price 250 Dekalb is trying to out-maneuver. The apartments look way superior in 603 Vanderbilt, in addition to its preferable location. Throw in the fact that Corcoran's visibility is exponentially higher than NauCorp's, and that $2.3M price starts to look like simply a 603 Vanderbilt knock-off.

Pro's: lovely location, corner lot, size, rental income potential from 3 apts + bistro, original details in apartments

Con's: could use some sprucing up inside, 603 Vanderbilt looks much better for only slightly more, no details on cashflow, requires commercial loan, not the best in breed

Ideally: with 250 Dekalb being virtually all equity to its owner, maybe it finds a happy medium at a lower price before 603 Vanderbilt does.

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