Saturday, November 17, 2012

10-Cap in Contract in Lefferts Garden: 300 Lincoln Road

If someone told you there was 12-Family 10-cap just 3 blocks from Prospect Park for less than $1.5M, you'd be lining up to get a piece of it.  While it won't win any beauty contests, 300 Lincoln Road has been out forever, aching to be swooped up, and finally just went in contract yesterday.  Yes, while people struggle to find an elusive 8-cap in this town, this straight-up 10-cap at its asking price of $1.3M, with only one rent stabilized unit, was up for the taking for the longest.  Sure, it smelled like pet store inside and had lots of Section 8 and tenants on other assistance programs, but who can deny that rent roll and the trajectory of that location?  An average of $1,138/month per studio and one bedroom?  You see that going down anytime soon?  Throw in the assignable mortgage option and this thing is a no-brainer no matter how you cut it.

Finish the basement, spruce up the backyard, and repositioning in the very near term is a cinch:

As for Prospect Lefferts Garden, as one reader who preferred to remain anonymous wrote us:

"Please, maybe stop mentioning that not everyone is ready for PLG! The proximity to the park and BBG, the zippy express q train (voted best in nyc this year by straphangers campaign), nearness to the ever-growing dining scene in Crown Heights and Prospect Hts, not to mention the gorgeous housing stock, make it BETTER than Bed Stuy. Just look at some recent sales in the area and NYT article from the other day. No, its not Cobble Hill or Park Slope, just 1/3 the price."

We couldn't agree more.  And doesn't the NY Times just legitimize everything for some folks?  Their article speaks volumes for this neighborhood, as if the return on this investment didn't already speak loudly enough.

Pro's:  10 cap, only 1 RS unit, unbeatable investment, location is only coming up

Con's:  no beauty inside, chopped into tiny units, are you still not ready for PLG?

Ideally:  while everyone's still sleeping on emerging neighborhoods, Platinum Members are swooping up another 10-cap in this neighborhood

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