House of the Day: 485 4th Street
This unusual-looking house at 485 4th Street in Park Slope hit the market in the last week of the year with an asking price of $2,495,000. The location and exterior are great and there are some preserved details on the interior, but the house has certainly suffered from being cut up into three apartments. Given…
This unusual-looking house at 485 4th Street in Park Slope hit the market in the last week of the year with an asking price of $2,495,000. The location and exterior are great and there are some preserved details on the interior, but the house has certainly suffered from being cut up into three apartments. Given the fact that this will require some dough to turn back into a one- or two-family, the price seems high to us. What about you?
485 4th Street [Corcoran] GMAP P*Shark
if your metric for a multifamily home in bkln brownstone is that rent per floor pay its share of the mortgage, then you will not be buying a home until prices come down another 30% or rents go up equiv. iow, you won’t have to worry about making the biggest financial decision of your life.
this is a four floor with an additional basement, not an english basement.
agree with CGfan – duplex + basement for owner / 2 rental apts.
CGfan, since the first floor is not totally above ground level it’s usually referred to as a garden level or a basement level, with the “cellar” below. At least that’s the Brooklyn parlance. It changes from place to place.
This building doesn’t seem to have an English basement — it has 4 floors, and the ground floor ALSO has a “cellar” below it for mechanicals. I always thought at English basement meant it was the lowest level, without a cellar below. So I’m surprised that this is a 3-family instead of a 4. It would be fairly easy to duplex the bottom 2 floors into an owner apartment and rent out the other 2 floors, but not at this price, since the 2 apartments’ rent won’t cover close to 1/2 the mortgage.
If DIBS is right and this is only a 3 family, the top two floors each get $2,500 a month (antidope and FLH, $2,500 is reasonable for a firaly good sized 1 br in center slope based on what I have seen) and the basement and parlour get say $4,000 (a bit aggressive in my opinion but we will go with that).
That’s a monthly rent roll of $9,000 or $108,000 p.a. and a price of $1.73m at 16x. You’d want to be fairly confident of getting $4,000 for the bottom two floors as well – I could see that going for closer to $3,000. Somewhere in the $1.6m range would makes sense for me, though I wouldn’t be shocked to see $2m or $2.2m.
Interesting looking house, but agree that price is too high. I’m not sure this one will clear 2 million, but it could be a real showstopper once it’s brought back to its original glory.
I’ve always loved that house from the outside. Sounds wayyy too much given the lack of details and the probability of another 500k to bring up to snuff.
Now I know why oftentimes brokers don’t post any pictures. I see a bidding war in this house’s future.
?
i think things were trading at 20x at peak. we’re now about 20% off so that takes me to 16x.
total guess really though.
as is the 10k rentroll, btw.
but at least great minds think alike, flh. 😉