New to the Listings section of the blog, it's a huge 6-Family in Bed-Stuy that Platinum Members have had their eye on for a few months. 626A Monroe Street is a 25' x 79' building with all free market apartments, a true rarity for the 5+ unit assets. We've been excited about this place for a while and are eager for the chance to share it now. Listing broker Lou Belisario got us in a while back, and these pictures don't even do the place justice...
While they can deliver vacant, which is a huge plus, we'd actually take it with some tenants since many of them are stylish, artsy, young professionals who keep the units looking better occupied than these pics show vacant. Many of the units are already updated. We saw one that could use some cosmetic sprucing up, but this is a play even the most novice of buy & hold investors could easily manage.
Whether you wanna get really fancy and reconfigure the railroad layouts a bit to max rents out even further, it's up to you. By our calculations, it's a 7-cap at market rents, which is a return that's nice to find on a piece this large without the encumbrances of rent regulation. Some have even considered condos. It's easy to say this location is too far if you don't know Brooklyn, but tell that the great tenants who work good jobs in midtown Manhattan, and choose to live here for the size, quality, and value of these apartments.
Pro's: size, free-market, relatively turnkey, flexibility to deliver vacant or with great tenants, great buy & hold
Con's: not everyone's ready to be between the J train and Utica stop, not looking to be stolen
Ideally: we see a fair price coming for buyer & seller very soon
No comments:
Post a Comment