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
Yes, i was just about to ask about heat.
Pretty attractive if you can get it for a 7% yield…$1.45MM
There’s no regular maintenance costs or *HEAT* included in those expenses. Folks are paying $2300+ for rent AND paying for their own heat? I don’t think so.
The $1.3 million price tag in 2007 seems to still be applicable. (If this rent roll is true) Anything more and you are running the red for YEARS.
*oops*
RR s/b 110.4
ROI s//b 6.2%
DOH!
Still doable.
will it trade as a pure investment property?
By Brownstoner at May 6, 2010 1:10 PM
…
If the stated ROI is reliable, YES.
This agent recently moved over to Cobble Heights Realty. Here is the listing:
http://bk.ly/rFg
LEASES:
#1 $2, 500-June 2011
#2 $2, 100-Aug 2010
#3 $2, 400-Dec 2010
#4 $2, 200-No Lease.
Annual rent roll = $112.8K
Approximate ANNUAL EXPENSES:
Real Estate Taxes $2139
Water $3,000
Electric $540
Insurance $3,000.
Total = $8,679
Net = 104,121
Price: $1,645,000
ROI = 6.3%
See how much easier analysis is than pulling something out of your butt?
😉
this is an investment ppty.
what is rent roll? once we know that then we can argue about current multiples…
it’s a nice looking exterior on a rental bldg.
agree that 2nd > 3rd b/c of two-way traffic and bus/bridge. but backup turn on smith? not. and i have a looksee every morning rush.
Hm, a wine press in the cellar. A leftover from Prohibition days? Could help out with the mortgage there.
So let me get this straight. The house traded for $1.235m in 2007 (peak) and now the current owners wants $1.645m?!?
I think it is great that they renovated the four kitchens and bathrooms, but at a $400k uptick, this implies each kitchen/bath reno is worth $100k each? Is that reasonable?
And even if the work is worth $400k, has the financial crisis impacted all locations except 19 3rd Street?
there are more than two photos