Thursday, December 5, 2013

Another Platinum Take-Down in Clinton Hill: 238 Gates Avenue

Platinum Members are it again taking down a nifty little house in Clinton Hill that you won't find on your Streeteasy, your Zillow, your NYTimes, your Trulia, or your Brownstoner.  Do amazing houses sell right under everyone's nose on a regular basis?  That's just Brooklyn's inefficient market for ya.  238 Gates Avenue wanted $1.35M and we couldn't blame 'em.  This legal 5-Family brownstone may look a little narrow, and it's got an extra floor on top that's set back so you can't see it, but the inside is totally legit.  Fully equipped with wood detail, some upgrades, high ceilings, a back deck on multiple floors...

Local broker Celeste Moses has done it again, lobbing up a great opportunity and getting Platinum Members in contract at a way-reasonable $1.3M.  This place is ideal for an end-user who wants a unit to themselves and a ton of income to boot, a pure investor, or a conversion to a townhouse with fewer units.

There's more to life than, y'all.  But you've gotta dig a little deeper.  Don't be afraid to get your hands dirty, though, 'cause there might be a few hundred thou' in upside waiting around the corner...

Pro's:  price, condition, 5 stories, 5-Family, great rental income potential, delivered with many vacancies, not on everyone's radar

Con's:  gone already, all cash, has a few issues to shore-up inside, narrow 17' width

Ideally:  if you missed this one, the next one's even nicer, and bigger, but will probably go higher!

1 comment: