Tuesday, February 26, 2013

Clinton Hill Tweener Play: 138A Classon Avenue

On Platinum Member radar just before it came out, 138A Classon Avenue is a 4-Family on the northern ridge of Clinton Hill towards Williamsburg asking $1.1M.  While it won't win any beauty contests, especially not from picky end-user buyers, this is actually an interesting look at 4 turnkey apartments delivered vacant with Pratt rentals written all over it.  For years now, Myrtle Avenue development and commercial gentrification has actually surpassed the Fulton corridor in more prime Clinton Hill closer to a city-bound train.  While this isn't the prettiest block by any stretch, it still beats vinyl-siding for this price in Greenpoint and any condo as an investment.

This isn't a story about original details, but it's also not a gut renovation.  If you want 4 mortgage-able units within striking distance of the most coveted neighb's in Brooklyn, this is about as good as it gets these days in this price range, west of Nostrand...

People have been poking north of Myrtle for value for as long as we can remember.  Some are actually bullish on the Navy Yard area in general.  Even 17' wide over here has fetched these prices.  From where we stand, there's nothing stopping this from being a buy anywhere under $1M.

Pro's:  technically Clinton Hill, totally turnkey, delivered vacant, rental income potential, proximity to Burg, price flexibility?

Con's:  narrow, generic renovation, quirky block, far from a city-bound train

Ideally:  stroll down Myrtle over here and tell us this isn't the future rental home of the uber-hip

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