House of the Day: 19 3rd Street
This four-family house at 19 3rd Street in Carroll Gardens changed hands for $1,235,000 in 2007 and is now back on the block for $1,645,000. The exterior is very charming, but unfortunately it looks like the process of carving the house up into four apartments has had deleterious effects on the original integrity of the…
This four-family house at 19 3rd Street in Carroll Gardens changed hands for $1,235,000 in 2007 and is now back on the block for $1,645,000. The exterior is very charming, but unfortunately it looks like the process of carving the house up into four apartments has had deleterious effects on the original integrity of the interior, though it’s hard to make sweeping generalizations based on just two photos. Think this could make sense for an owner to occupy or will it trade as a pure investment property?
19 3rd Street [Syrett] GMAP P*Shark
THIS 4-family DID NOT change hands for $1.235M in Jan 2007.
19 3rd Place did – and that is the (incorrect) P-Shark report you linked to (a 3-family).
This is 19 3rd Street – 3 blocks east of 19 3rd Pl, totally different vibe.
Sloppy.
By bkhabitant on May 6, 2010 3:21 PM
I see one bedrooms currently listed for $1,600-2,000 in this area in brownstones.
…
Sounds like rents from 5 years ago (and for all I know, we’re back there now).
Smith-Hanten Real Estate (165 Smith) rentals:
http://bk.ly/rFA
Carroll Gardens Realty (262 Smith).
http://bk.ly/rFB
Looks like $1.6-2K is theoretically possible, but $2.1-2.5K is far more common.
I haven’t looked for a BH/CG for a long, long time. Actually, I never looked (in a traditional sense) for any of my four rentals, but rather utilized my network of friends/neighbors.
Nice expansion by Bklnite @ 3:20 PM. Throw in $60K of recaptured annual depreciation and this deal makes sense IMO.
Listing says 6 bedrooms, so I assume 2 x 1BR and 2 x 2BR
I see one bedrooms currently listed for $1,600-2,000 in this area in brownstones. If these are 2bedrooms, rent seems more reasonable.
I’m gonna put in a widget estimate of 1.5 based on a slightly more realistic analysis:
$110,400 Potential Gross Income
5% Vacancy and Collection allowance
$104,880 Effective Gross Income
Expenses
2,139 Real Estate Taxes
3,000 Water
540 Electric
3,000 Insurance
4,000 Heat
2,000 Repairs
2,000 Mgmt/Accountant
16,679 Total
$88,201 NOI
$1,645,000 Ask
5.4% ROI
7% Cap Rate required by investor
$1,498,286 Value
seriously – one-bedrooms are renting for $2100 to 2400, without garden access and with paying their own heat?
DIBS – I am glad I was able to ask the question before you had to. Save you some stress in your life.
Agree that 3rd is not a great block due to all the Gowanus Canal 2-way bridge traffic carrying all the undesirables from Park Slope to Carroll Gardens. I don’t think those rents are out of line for that location.
Boerum Hill,
Thanks for the info.
Do you think that rent roll is true?
$2,500
$2,100
$2,400
$2,200
Those are all high rents for that location.
Aren’t they?
Someone is paying $2,400 for the third floor of a bownstone at that location?