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Hicks and Joralemon is a great location, that’s for sure, but this four-story house at 265 Hicks is definitely sub-par for the neighborhood. The victim of a stoop castration and a not-so-hot re-bricking of the facade, the building was also divided into eight units at some point. The listing doesn’t provide any interior photos, suggesting that there ain’t much to show (a likely scenario given the subdivision in to multiple units.) The good news? The property will be delivered vacant. The listing for the corner lot also promotes the fact that approvals are already in place for a curb cut. That’s sure to endear the new owner to the neighbors!
265 Hicks Street [Douglas Elliman] GMAP P*Shark


What's Your Take? Leave a Comment

  1. This could be a fabulous project for someone with a) the money, and b) the nerve to ride out the current market woes. It’s less expensive and potentially more fun to create new interiors when there isn’t much to save. Frankly, while I love the detail in our 2-family brownstone, if you’re trying to make modern apartments with functional floor plans it can be tough to work around a lot of detail. Great location + the potential for parking = lots of upside.

  2. 3.5 would mean 1800/month rental for each of the eight apartments (5% net return). Might be capable of doing that with a minimum of cleaning up. Also means starting costs of 440000 per apt to do a condo converstion or 880000 to double their size and do 4 floor throughs (which would be more appropriate to the area). With 4 car parking 100000 (to build the garage) and 150000 spent on each apt that is a cost base of 1050000 per apt.

    3.5 looks like it is probably too good a deal… but if you could get it for that….

  3. Sam, no problem, happens to me all the time 😉

    I think it has lots of potential for someone to fix it up and flip it, especially if they can get parking adding (notwithstanding the uncertainty of the housing/financial markets). Given that potential and the location, 3.5 seems like a good estimate.

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