House of the Day: 364 7th Street
Did someone say hot tub? If you can come up with the $1,500,000 for this new listing at 364 7th Street, you can soak to your heart’s delight. As for the house itself, it’s a three-family brick with nice, but not mind-blowing, details and finishes. (The parlor floor does have quite a nice feel.) The…
Did someone say hot tub? If you can come up with the $1,500,000 for this new listing at 364 7th Street, you can soak to your heart’s delight. As for the house itself, it’s a three-family brick with nice, but not mind-blowing, details and finishes. (The parlor floor does have quite a nice feel.) The location’s decent too. What do you make of that price?
364 7th Street [Douglas Elliman] GMAP P*Shark
I am in the market for a place, this is at the lower of my range, but in the location that I am looking for. I have 3 boys and am looking for a 4 bedroom, but want to do 1 family, no rentals. Does anybody have any idea what it costs to convert to 1 family? My guess is the kitchen floors? I can’t imagine it’s too tough to take out applicance and cabinets and repaint, but floors give me pause. Just curious what folks think…I have been looking for something around 2mm, and frankly, will wait until next year if need be. This place does some low, all things considered.
what era is this house from?
I do not know the owners of this property or have any interest in its sale but I must point out that the ask for this house is actually below market based on recent comps. Anybody who thinks the ask is high should go out and see what they can buy for $1.5mm in this area. I guaranty it will be something of lesser value and quality.
We used to live on the third floor and have always commented on how nice the lower duplex is. But the rentals need a lot of work, and they are not as big as the floorplan would have you believe. In fact I think the 2nd bedroom cannot be legally called a bedroom because it does not have a closet. We used it for a nursery and that is pretty much the only thing you can use it for. Also the “den” is really a middle space that is attached the bedroom. We paid 2500 and I know it was not the easiest sell when we moved out to rent it for this much, but I’m sure you could 2300 to 2500 for it. It does need work, paint, tiles, etc.
The big problem with the apartment is the neighbors. They terrorized by banging on our son’s nursery when he was crying at night until we were forced to call the police. They retaliated by calling child protective services on us, who sent the police back over – and the police pretty much said they “neighbors” were crazy and not to worry about them. I know, however, that they have been problematic for other people living in the building – not just us. And I don’t think they will ever move.
STARGAZER, I think you proved to us yesterday what you are, or aren’t.
Bklnite: to clarify, I meant if you had to move you could rent the whole thing and cover mortgage (definitely 2K+ for each of the current rentals and I’d say at least $4500 for the duplex)
Regarding renting, I wouldn’t take the credit risk of a 6 and 8 year old with no income to speak of beyond their allowances.
Based on the layout, I think it would be pretty tricky to convert the duplex and 2nd floor apartment to a triplex. I thought about it, as I’m sure the owners already have and came to the same conclusion.
DIBS,
Trust me when I tell you, I know exactly what they are, I don’t need you to tell me.
Hey 11217,
You can still be poor and have no means at all, but still know how to hang a curtain properly.
dude-
“you could cover an 80% mortgage with cash flow from rentals”
pmt @ 5.25% on $1.2 (80% of $1.5mil) is $6626
You think you could get 3300+ for each of the upper units? (sounds very optimistic) or that you could get close to 80% of the mortgage P&I payment covered by rental income? (sounds plausible)
Why wouldn’t the owner just rent an upper unit to the boy & girl instead of moving? 🙂
I went to the open house last Sunday. It is really nice. My wife’s comment was that she wanted to hire both the designer and the organizer (wow those kids have a lot of well-organized toys). Bedroom are on the basement level and there are windows but they are small and basically around a corner so light is severely compromised. It wouldn’t bother me too much but was a deal killer for my wife (and I bet the owners are selling because their boy and girl are getting too old to share a bedroom). The one rental apartment we saw was nicely done.
I actually thought it was more or less fairly priced unlike anything else I’ve seen in years, which means you could cover an 80% mortgage with cash flow from rentals. So that means it probably goes for above ask.