Monday, May 14, 2012

Is There Value Left in Prime Clinton Hill?: 135 Cambridge Place

This time last year we had our sights set on an SRO on this prime Clinton Hill block for $1.2M. Now in this market you can get a legal 2-Family on the same block with a list price of $1.2M? What's the catch?

On a block with $2M properties, and around the corner from a brownstone that didn't last long at $1.5M, what could be the hold-up here besides width and mediocre marketing? 135 Cambridge Place is a 15' x 45' 2-Family used as a 1 just off of Fulton in Clinton Hill. It came out last month and probably hasn't gotten enough attention, in our opinion.

Mix some original details with some dinky upgrades in a location that's seen some pretty uninspiring comps... and we think there's value here. Even the narrow 15' backyard is at least a yard, and on a 100' lot.

Pro's: original details, legal 2-Family with separate entrances, sought-after location, pricepoint

Con's: narrow, curb appeal (for some), sub-par upgrades, marketed poorly

Ideally: we're not super bullish on it, but it's a pricepoint you don't see very often on these blocks anymore. Worth a closer look. It's not like narrow doesn't sell over here.

1 comment: