Tuesday, December 17, 2013

West Bed-Stuy Pre-Market 3-Family: 131 Jefferson Avenue

On a snowy December day in Brooklyn, we still keep it BK to the Fullest.  Not yet on your StreetEasy, your Trulia, your New York Times, your Zillow, or anywhere else... it's a pre-market vacant 3-Family building in west Bed-Stuy asking $1.35M.  Now, mind you, 131 Jefferson Avenue isn't the prettiest horse in the stable, but it is a solid 20' x 60' 3-Family house with 4BR rentals on 2 of its 3 floors, and a semi-above grade basement that may get some extra use out of it yet.  Local broker Elan Kels showed the house to us pre-market  Geographically, the block is prime as Bed-Stuy goes just off of Bedford, but also not the prettiest block either.  Which is why we think this house has modern renovation buy & hold written all over it.  Granted, the exterior is currently very Fred Flintstone.  The interior is currently coming along as the space is being cleared out for showings soon.  Pretty high ceilings on the parlor...

Not "dripping with details" or anything, but original mantles are intact...

131 Jefferson Avenue is 4,800 square feet by some estimations, but we're in no rush to count the basement just yet.  The days of picking up a gem like 489 Park Place with extra-deep 3-4BR rentals for this cheap is over.  Have you seen what those rentals go for, by the way??  And to think developers bidding $1.1M cash last year were surprised that deal went higher.  Smh.

Friends of the blog around the corner from 131 Jefferson Avenue, renting in the $900/BR range, think they're getting a steal because their landlord hasn't raised their rent in a year or two.  So what do you think 4BR rentals at 131 Jefferson Avenue go for these days?  Have you checked out the newfound hipster destinations on the corner at Bedford Avenue??

Having spots like Corner Grind and Bedford Hall alone will legitimize this neighb' even to newbies who've never stood here before.  Or, as one of the Bedford Hall owners told us, "Amenities!"  131 Jefferson's electrical has been updated.  It's on gas heat already.  We can't wait to see what a little clean up will do to it, let alone renovation.  It's not everyday you see 20' wide mortgageable property in West Bed-Stuy delivered vacant for $1.35M anymore.  For the right price, we see it as an owner-occupied end-user buy & hold with great rental income.

Pro's:  delivered vacant, mortgageable, extra deep floorplate, 4BR rentals, not on everyone's radar yet, West Bed-Stuy location

Con's:  essentially a 3-story as-is, lots of updates to be done, not the prettiest landmarked block or anything, not full of details like many of Bed-Stuy's favorite homes

Ideally:  worth a look-see in this market.  By the time it looks exactly the way you want it to, it certainly won't cost what you want it to...

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