House of the Day: 94 Hicks Street
This massive brownstone at 94 Hicks Street just hit the market with a whopping asking price of $8,500,000. Granted this place is 5,500 square feet and still has some interior detail, but it’s been cut up into five market-rate apartments which cannot help but hurt an old house. Given that, it seems a bit on…
This massive brownstone at 94 Hicks Street just hit the market with a whopping asking price of $8,500,000. Granted this place is 5,500 square feet and still has some interior detail, but it’s been cut up into five market-rate apartments which cannot help but hurt an old house. Given that, it seems a bit on the pricey side to us. What do you think?
94 Hicks Street [Corcoran] GMAP P*Shark
I’d love to see the rent roll. Couldn’t find anything current but found one unit for $2400/mo in 2007. Let’s assume $3000/mo for all five. At 27x cap rate (realistic for the heights even if a top dollar price that won’t give you much return) you’re talking $4.9 million max for an investor.
This is way over priced for either an investor or potential conversion to single/2 family.
Asking price is crazy. 74 Hicks, one block away, sold for $6 million six months ago and it was already single-family, new renovation, nicer configuration even if a tad smaller. And they got top dollar IMO. This is seriously overpriced by 100%.
They must be thinking the same thing as the owner a couple of blocks away who’s trying to sell one unit (just half a house) for $4.2 million.
no extra charge for dogpeed-on floors!
no extra charge for dogpeed-on floors!
These are five 1-bedroom, 1000sf apts. Some have a small den off the bedroom (but they’re on 4 and 5), the lower units have an extra half bath. I looked at what’s on the market today in the heights. I don’t see how you get more than $3500-$3750 for these on average. No one’s charging $4500 for a 1 bedroom unless it’s a big open floor plan in a modern building. Even charitably at $4000/mo, you still only get to $6.5 million, which is super best case scenario.