House of the Day: 6 Third Street
Even if this house at 6 Third Street in Carroll Gardens is in as bad shape as we suspect it is, it’s still looking pretty darn cheap to us at the asking price of $975,000. It’s currently configured as a two-family, double-duplex house. The listing says it has tin ceilings, marble mantels and pocket doors,…
Even if this house at 6 Third Street in Carroll Gardens is in as bad shape as we suspect it is, it’s still looking pretty darn cheap to us at the asking price of $975,000. It’s currently configured as a two-family, double-duplex house. The listing says it has tin ceilings, marble mantels and pocket doors, so it sounds to us like someone could buy this place for asking, sink another $500,000 into it and end up with a great, finished house for under $1.5 million. It almost sounds too good to be true. Is there a catch we’re missing?
6 Third Street [Manzione RE] GMAP P*Shark
Photo by Kate Leonova for Property Shark
1:35, You are probably right about the rent stabilized tenant but I thought that in a 2 family, you could evict the tenant if you neededed to occupy the space for your personal use. In that case, it might still be worth the purchase even if you had to give someone moving money and make necessary upgrades.
It is either bargain of the year or there is a rentcontroled tenant.
I imagine the rumble from the nearby F trains entering and exiting the tunnel must be very soothing.
Thank goodness, a hellhole with rent control tenants to take our minds off that horror on Monroe Place!!
How do they get 3040SF in a 19×35 building?
Yes, rent controlled tenants are the only explanation.
The catch is that after sinking 500k into it (and a good deal of time, and interest on the 1.5m) you have a house that stands a 50:50 chance of actually, in summer 2008, being worth less than your sunk cost.
I remember bidding on a better located place (union down from smith) for 1.6m a couple of years ago. Is it SO outlandish and unlikely that we might retrace values back to those times? It would only require a fairly minor recession in consumer spending.
I would bet real money that there are 1 or more rent-stabilized tenants (over 62) in place. In every instance I’ve inquired about properties priced “just right”, I’ve learned the house was delivered with rent-regulated guests.
No, I did the math. It’s worth $4,372,811.09. Seriously.