Monday, December 31, 2012

Brooklyn 10-Cap: 245 Martense Street

While people are stumbling over unrenovated condos in brownstones in Carroll Gardens in the $900K's, Platinum Members are picking up an entire 8-Family 10-cap on the outskirts of Lefferts Garden, towards East Flatbush, for way less than that.  Just off of a vibrant corridor of Nostrand Avenue, around the corner from the 2 & 5 trains at Church Avenue, not far from Prospect Park, this enormous, well-maintained 25' x 90' brick building has room for way-decent 2BR rentals with original floors and details that are still way affordable at half the current median rent in Brooklyn

Much like the limestone monster at 1329 Pacific Street in Crown Heights, 245 Martense Street has unattached sides with plenty of windows for light for legit bedrooms & living room space.

An amazing place as-is, with great potential too.  With rentals at a value pricepoint that are a great alternative to rising prices in prime Crown Heights.  All in a pocket of Brooklyn the New York Times called "an oasis of brownstones and Rastafarian Gear".

Pro's:   size, legit 2BR rentals, around the corner from 2/5 trains, straight-up 10-cap

Con's:  in an area some would consider the outskirts, gone already

Ideally:  a top notch move in Brooklyn

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