Rental of the Day: 572 Pacific Street, #3
Park Slope’s 572 Pacific Street was in pretty rough condition when it was purchased for $850,000 in 2009. (You can see pre-reno pictures on PropertyShark.) Since then, the brownstone has been chopped up and renovated; it’s now got four floor-through rentals. The one- and two-bedroom units range from $2,800 to $3,000; this particular two bedroom…
Park Slope’s 572 Pacific Street was in pretty rough condition when it was purchased for $850,000 in 2009. (You can see pre-reno pictures on PropertyShark.) Since then, the brownstone has been chopped up and renovated; it’s now got four floor-through rentals. The one- and two-bedroom units range from $2,800 to $3,000; this particular two bedroom is asking $2,800. This definitely doesn’t look like a bad renovation to us, even if it’s a little on the bland side. And the location, a block away from the Atlantic Terminal, could be considered either convenient or noisy depending on how you look at it. Think these prices will go over well and the building will fill up?
572 Pacific Street [Halstead] GMAP P*Shark
Oh, didn’t catch the heat and hot water either. Wow. I don’t get it….these prices are way high then.
Tybur, somehow I missed your comment but thank you for putting it much more succinctly than me.
Way way way way way too much money. Way. I saw a three bedroom like half a block from here a couple of years ago for around $2400. It was rather small. But still.
I am actually kind of angry at this.
*their
Nice. G’night, Mary Ellen.
By landlord on April 26, 2011 1:51 PM
A friend of mine used to live on this block. He said that they would hear gun shots almost every day.
…
Gonna assume this was a lame attempt at humor. That block might not be pretty, but it hasn’t had any gun fire in years (decade plus).
Good catch by tybur6. NFW are they worth this much even if heat was included, so probably 2.3-2.5K less heating costs…good gawd, these need to be chopped a good 20-25%.
I think the price reflects an inexperienced or unrealistic buyer/renovator. If they put $1.6M into it (850K + 750K? doubt it), then $2,100 per floor works out to around 16 times rent roll. That’s fairly aggressive. Most 4 family buildings are 18-22 times (or10 times if you live in BHO’s make believe world). For example, 20 times rent roll would be around $1.6-1.7K.
Meanwhile, they’re eating interest and utilities while these sit idly collecting $0 because they’re model is out of whack with reality. Nice going, folks.
Horrible block. There’s a VERY dodgy apartment bldg a little closer to 4th Ave (probably the source of the gun shots) and you’re facing PC Richards and Modells which were built by FCR as “placeholders” and will be demolished at some point to be replaced by skyscrapers. Also super noisey because of all the traffic. Convenient, yes, but only if you don’t care about quality of life. Waaay over-priced.
Price is too pricey. Block is too blechy.
> He said that they would hear gun shots almost every day.
I call bullsh*t.
Location good for transportation, but price is too high for less than 800 sq ft. I’ll spend less to be in less renovated quiet tree-lined street near Prospect Park with heat and hot water INCLUDED! Boo YA!
A friend of mine used to live on this block. He said that they would hear gun shots almost every day.