House of the Day: 137 St. James Place
Granted it’s chopped up into four apartments, but this house at 137 St. James Place in Clinton Hill seems oddly underpriced at $899,000, especially when you consider that the house looks to be in pretty good shape and will be delivered vacant. Is there some catch we’re missing? If not, why hasn’t there been a…
Granted it’s chopped up into four apartments, but this house at 137 St. James Place in Clinton Hill seems oddly underpriced at $899,000, especially when you consider that the house looks to be in pretty good shape and will be delivered vacant. Is there some catch we’re missing? If not, why hasn’t there been a bidding war?
137 St. James Place [Halstead] GMAP P*Shark
What are floor through rentals going for on this block? Assuming a mid range renovation. Ikea kitchens and clean renovated bathrooms?
I’ve got a ton of pictures of the inside of this house. It’s in various stages of renovation which got stopped for work without permit. Also has landmarks violations. I love the block and the house as a small extension on the first 2 floors. Backyard is very spacious. I’ve seriously thought about this one. I would like at least 2 floors for myself though as an above poster already mentioned.
The garden kitchen is renovated but not to my standards and would need to be redone but the bones are great in this house. Someone will make money on this house.
Have you been inside? Biohazard is all I’m gonna say.
no one is interested in this dump at this price, gimme an effing break already.
“there are multiple bids”*
* in my coke-induced hallucinations
Beautiful home and garden floor done very nicely. Went to one of the open houses. One problem is that the current owner tried to renovate himself (including electrical, which would have to be brought up to code). Another problem is structural (some termite damage…full replacement of stairs…sure there are other meaningful issues given the above). Broker was honest and suggested $350k minimum to get it to 4 rental units, so I assume $450k if you want to bring it up into a great 2 family with the triplex and a high quality kitchen & baths, maybe A/C.
So $1.25mm for a renovated 4 family or $1.35mm for a very nice 2 family in the area are probably better comps…and that’s notwithstanding the time and hassle of landmark issues or carrying costs.
Area will only continue to get pricier over time and I’m surprised that someone hasn’t snapped it up…but not shocked.
(Full disclosure…I had already decided by late January that this would be that home I didn’t buy and then would regret and talk about for decades to come…someone with vision will be very happy with this one).
I went to an open house here. The unit in the pic with the brick arch way is a garden level 1 BDRM, and the only renovated space. The rest is a gut job. It looks like someone was trying to start renovations before the stop work order, because the other 3 units all have partially started work on bathrooms and kitchens, and materials everywhere. The staircase is barely hanging on to the wall in places. It’s a mess. But an amazing location. Great block.
edit –
before it had an accepted offer (instead of “before it was in contract”)
15 GRM not so much (instead of “15 GRM not so such”)
Corcoran listing for $1.2 was not priced to sell. At $899k, had I known about this before it was in contract, I would have been interested to buy as a rental with some potential upside converting usage from 4-family down the road. I’m guessing you could get close to 80k a year in rent roll. 11 x RR is a good deal in this location. 15 GRM, not so such.
Not underpriced: Only garden-level unit (in photo) is renovated, and it is tiny and beautiful as it appears. Rest of the house needs everything, down to the studs. So, great block, nice facade; big expensive project. Probably a mistake to market with the lovely photo.