Renovated Bed Stuy Apartment Building on the Market for $3.95 Million
TerraCRG is marketing a gut-renovated rental building at 244 Madison Street in Bed Stuy for $3,950,000. The 9,322-square-foot, four-story building has eight three bedroom, two-bath apartments, including two duplexes with 2.5 bathrooms and backyard access. The property has eight separate gas boilers and hot water heaters, central air, updated electric and plumbing and a new…
TerraCRG is marketing a gut-renovated rental building at 244 Madison Street in Bed Stuy for $3,950,000. The 9,322-square-foot, four-story building has eight three bedroom, two-bath apartments, including two duplexes with 2.5 bathrooms and backyard access.
The property has eight separate gas boilers and hot water heaters, central air, updated electric and plumbing and a new roof. Each unit has stainless steel appliances, granite countertops, exposed brick and brand new bathrooms. All the apartments are occupied with a current annual rent roll of $251,400.
The building is currently owned by an LLC and last changed hands for $900,000 in 2007, according to PropertyShark. Click through to the jump for lots of interior shots.
oh goodie, granite counter tops and SS appliance makes everything just wonderful.
I don’t know that much about the economics of buildings, but if the rent roll is approximately 250,000, can any buyer get back their investment if the rent rolls remain stable. Will this lead to attempts to push current tenants out? The difference between the current price and rent rolls seems very steep.