thinking of selling our Bed Stuy 2 Fam used as 3 can I list it that way? Anyone have a clue how much?

http://cdn.brownstoner.com/4ead52350a5af-.jpg

We have a 4 story 2 family brownstone with 2 rental units plus owner duplex although it’s a legal 2\.   It’s in a great location (Brevoort Place) 1.5 blocks from the C at Franklin and also from the A at Nostrand quite st. with more and more families all the time. It’s 17.5 wide so doesn’t have the extra tiny bedroom/office. It’s generating $2800/mth in rent which means after all expenses, utilities, taxes, reasonable maitenance etc. you live rent free with a $2100/mth debt service.  We’re moving and would like to sell. For the appraisal we can easily pull out one of the stoves and then just slide it back. My questions are 1\. can I list as legal 2 used as 3 and mention the income? and 2\. Anyone wnat to through out some numbers?  i could not find many comps on the market now.  We have a lovely large kithchen int eh front parlor and 2 large bedrooms, 1.5 baths all new downstairs.

brevoort

in Real Estate - Sales 13 years and 7 months ago

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jjs | 13 years and 7 months ago

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Great block…I could be interested. How much do you want? Is it on the side with the deep gardens?

josh | 13 years and 7 months ago

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Quick question, and I hope it doesn’t come off snarky: what do you mean by “more and more families all the time?”  Seems like that area has never really been in short supply of families.

Bklnite | 13 years and 7 months ago

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If I’m giving you a comp on your own block (and I don’t pay attention to bed stuy) then it seems you need a broker to help you figure out how to price it & it market it. In my opinion Corcoran seems to market lots of places at very aggressive prices, and in the case of 45 Brevoort Pl they managed to get someone to (over-)pay. Perhaps Corco or one of the other slick brokerages can do the same for you.

brevoort | 13 years and 7 months ago

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Sorry, figured out HOTD and saw the link.  That house needed $75,000 before you could rent it to anyone let alone live in it happily.  My house is move in and lovely-yes you can rip everything out but you dont’ have to, plus the tenant apartments are beautiful and collecting market rate.

brevoort | 13 years and 7 months ago

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We haven’t hired a broker yet.  What’s HOTD? that building that sold for $721 was in bad condition and was just a rental all through, no nice features and right next door to the mosque with the call to prayer 5x aday.  If they got $721 in February, I can’t imagine that we wouldn’t get significantly more.  Am I missing something?

Townie | 13 years and 7 months ago

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Vacate one apartment and list as two family.  People will end up ripping out most everything anyway and reconfiguring as they see fit.    You have not hired a broker yet?

Bklnite | 13 years and 7 months ago

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http://brownstoner.staging.wpengine.com/blog/2010/09/house-of-the-da-962/ HOTD on Brevoort Place sold for 721k on 2/8/2011\. I would guess that’s at the upper end of what you could get.

brevoort | 13 years and 7 months ago

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It’s a C of O issue.  So for 2nd question:  Any idea for taking prices on a 4 story charming though not “Immaculate” 2 family on a great Bed Stuy almost Clinton Hill block?

greenmountain | 13 years and 7 months ago

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What do you mean it is a legal 2?  Is this a dept of finance designation or a c of o?

Rick | 13 years and 7 months ago

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Not a smart move to advertise that you’re collecting rent from an illeagle rental. List it as a 4 story 2 family and let the new owner use it anyway they wish. ( Should one of your tenants stop paying rent, you will be up the creek without a paddle. )