Wednesday, February 4, 2015

Bed-Stuy Rental Also Available for Sale: 203 Kosciuszko Street

203 Kosciuszko Street is a renovated 3-Family rental building pretty north in Bed-Stuy closer to the G train.  A cute brick bowfront on the outside built pretty full at 20' x 55', with floorplates chopped into as many as 3-4 bedrooms on each floor.  The rentals are up in a few places and the building went up yesterday on for sale at $1.6M.  Not long ago the house sold with Corcoran who hadn't even bothered with interior pics.  Now we can clearly see they threw some fairly nice & serviceable kitchens together in the interior...

New floors, new windows, baseboard heat...

A gut reno on the generic side may not wow you, but as turnkey townhomes with rentable bedrooms go, this house is fairly maxed-out.  Rentals are currently asking $2,250-$2,700.  If this house can truly gross $8K/month, that certainly establishes a healthy value on it.

Around the corner from the park, and what listing in Bed-Stuy isn't "located near popular jaunts like Saraghina, Peaches, Black Swan..." ??  Whether you pronounce Kosciuszko like "kuh-SHOOS-ko" or "KASS-kee-AH-sko", this is a 3-Family that hundreds of Bed-Stuy buyers can actually afford.  Sitting a price just under another renovated 2-Family like 174 Macon Street.  By no means as fancy as the all-cash purchase at 96 Decatur Street, but in need of much less work.  And we've seen off-market offers almost $2M for generic renovations on those blocks, and in addition to similar 3-Families trading off-market as high as $1.7M and as far north as Kosciuszko.  Platinum Members are making off-market offers 20% higher than this for similar rental-style properties in slightly & much better locations from Fort Greene to East Harlem.  So we'll see what the market has to say...

Pro's:  curb appeal, turnkey & renovated, large floorplate, lots of bedrooms & income potential, can be delivered vacant or with any units rented, floorplans up in this!

Con's:  no original details, not the exact corner of Bed-Stuy that everyone covets, recently traded much lower

Ideally:  G train owner-occupant investment opportunity not on market with a big broker

No comments:

Post a Comment