Tuesday, May 5, 2015

Bed-Stuy Mixed-Use Available Only on HomeCanvasr: Gates Avenue & Nostrand Avenue

Available only on HomeCanvasr.com, it's a mixed-use property in Bed-Stuy that's asking $1.25M.  This building has 2 turnkey apartments and a commercial space currently used as a trendy gallery.  One of the apartments is a true 2BR with a balcony over-looking the garden...

The other apartment is a 1BR plus office.  Market rents between $1,750-$2,000/floor for the apartments, and the gallery on the ground floor is pretty sick...

With a new roof, tenants paying their own heat & hot water for each unit, and the gallery doing some landscaping & coy pond to come in the backyard, this building is optimized for hipster "set it & forget it" status.  Low ball cash offers under $1M were already shot down, and the owner wants a high number in this frothy market, but who can blame 'em?  We've got another one off-market on the corner at this same pricepoint in Bed-Stuy with 2 garages.

Pro's:  totally turnkey, Nostrand isn't too far anymore, lots of amenities nearby on Bedford, tenants pay all utilities, almost fully optimized, full sized 20' wide, no big broker commission on the scene

Con's:  not much value-add left at these levels, 3-stories not 4, won't settle for $1M anymore

Ideally:  if you want an easily finance-able buy & hold or a live-in investment at a relatively low pricepoint for the area, this could be the one

No comments:

Post a Comment