Apartment Building on Primo Heights Street for Sale
The six-story, sixteen-unit building at 141 Columbia Heights just hit the market for $7,500,000. According to the listing, “Ten apartments are rent stabilized and 6 are fair market apartments. The rent stabilized apartments rent at approximately 50% under market value and offer significant upside potential.” (A one bedroom in this building rented in May for…
The six-story, sixteen-unit building at 141 Columbia Heights just hit the market for $7,500,000. According to the listing, “Ten apartments are rent stabilized and 6 are fair market apartments. The rent stabilized apartments rent at approximately 50% under market value and offer significant upside potential.” (A one bedroom in this building rented in May for $1,950/month.) Think the price makes sense given how many rent-stabilized units there are? The building has been with the same family for over 40 years, so presumably someone will be walking away with a hefty profit once it sells. GMAP
No one can evaluate this deal w/o a current RR and a breakdown of the apartment by room (sizes).
It’s a MacChalet as far as I’m concerned.
BHI, you should stick with the big chalet in Zurich.
There is never an upside potential with rent stabilized apartments in Brooklyn. Only endless Housing Court lawyer fees and constant life-shortening battles with the tenants who have a very strong hand.
Don’t bother sending out rent bills without an attached court order.