« Tuesday To-Do List Hoop Jumping and Red Tape Cutting »
March 6, 2007
House of the Day: 182 Washington Avenue
When we discussed HOTD 322 Park Place last week, we expressed the opinion that $2.2 million was a lot for a four-family; one commenter took exception to the idea that every buyer would want to convert the property to a one- or two-family house. Fair enough. But if we were a single person or couple looking to buy a four-family we could gradually grow into, we think today's HOTD at 182 Washington Avenue looks a lot more interesting. The top three floors are rented out for a monthly rent roll of $5,075, which would cover at least $800,000 of mortgage payments. Given that 298 Washington, an architecturally rich two-family in a better block went for $1.6 million recently, we think this place (which also has a shallower-than-normal lot depth of 80 feet) will go for closer to $1.4 million rather than the $1.5 million asking price.
182 Washington Avenue [Craigslist] GMAP P*Shark
Trackback Pings
TrackBack URL for this entry:
http://www.brownstoner.com/mte/mt-tb.cgi/667
Comments
Looks sweet. You could throw the current tenants out come June and jack up the rents by two or three hundred thereafter.
Posted by: Anonymous at March 6, 2007 12:16 PM
8 years ago I called about this place but balked at the 350 asking price....
Posted by: Anonymous at March 6, 2007 12:36 PM
"The top three floors are rented out for a monthly rent roll of $5,075, which would cover at least $800,000 of mortgage payments."
Wow. I just had an ephiphany when I read that. Doesn't that say something about what the price should be closer to?
Posted by: Anonymous at March 6, 2007 1:15 PM
That's probably a good deal, just looking at things from the outside, literally. We don't know the condition of the interior at all. The rents are OK. If the apartments were in good shape, maybe you could get more. Does this place have a basement?
I have seen places on Washington which just have crawl spaces for a basement and a parlor floor just a step above ground level. I can't tell what the deal is with this.
Posted by: donatella at March 6, 2007 3:57 PM
298 Washington Avenue is actually in a better location. THis property is right near projects.
Posted by: anon at March 6, 2007 5:07 PM
I saw this place a few weeks ago. The building did not look like it has been well cared for over the years. Very cheap looking renovations in most of the apartments and some had this foam stuff plugging holes in the floor near the radiator/window (eck?!)and around appliances. Also no back yard. No details. . . .Hence no buyers . .
Posted by: anon at March 6, 2007 5:45 PM
That 'right near projects' argument is ridiculous. I'd be more worried about being 'right near' the BQE. Depending on the inside, it seems like this would be a great spot. It's 'right near' Little Louie's!
Posted by: Anonymous at March 6, 2007 5:53 PM
anon 5 07 what projects are you talking about?
accualy there are no projects within Clinon Hill border (classon)
Posted by: Anonymous at March 6, 2007 6:23 PM
I suspect that the "projects" anon 5:07 is referring to is the Clinton Hill Co-ops. This building is on Washington very close to Myrtle, I think.
Posted by: Anonymous at March 6, 2007 6:53 PM
No projects, I live around the corner, however, a very UGLY building across the street. 3-4 townhouses made into an apt building (perhaps low income, no idea) with extremely ugly fake brick siding. Wouldn't want to look at that out my front window. Otherwise not a bad area at all. Not that close to BQE.
Posted by: anon at March 6, 2007 9:23 PM
From 5:45's comments, I think this might be priced a little high. On the surface, it doesn't seem like a bad price from the comps; the lack of a back yard is one thing but of more concern to me would be that you have cheap renovations. I'd rather have nice renovations or nothing and do it myself if I am going to live there. I really like to have nice tenant apartments because they attract nice tenants, very important if you are going to live there too. We'd all be happy. If I was going to upgrade the apartments one by one, I'd want a lower price.
Posted by: donatella at March 6, 2007 11:10 PM
Post a comment
Please be patient while your comment is published. It may take a moment.