Courtesy of: Louis Belisario, Revived Residential, lou@revivedresi.com
Courtesy of: Louis Belisario, Revived Residential, lou@revivedresi.com
$2,150,000
|
11 bed
|
|
5.00 Bath (5 Full Bath)
|
|
Lot: 2,375.00 Square Feet
|
|
Single Family Attached
|
$2,150,000
477 Fairview Avenue Looking for a unicorn investment property? It is not often that you’re able to find a massive legal five family building that is in excellent shape, can be delivered vacant at closing and is in a prime-time neighborhood. This building is 4, 200 square feet, it is comprised of four two-bedroom railroad style apartments and one enormous true three bedroom, two bath apartment with access to the backyard. There is also a full basement, with multiple coin operated washing machines and updated mechanicals. This building is 25x56 and sits on a 25x95 lot and I zoned R6B. You are located in prime Ridgewood, just outside the landmarked district and with in blocks of the L and M train. Being this is such a great location; you should never have a vacancy. The expenses are currently just under $30, 000 a year and potential rent roll is close to $190, 000 a year. You should end up with a 7-7.5% cap rate on this building. This could also be a great condo conversion, whether it is now or if you hold it and do it in the future. This is a perfect 1031 situation.
Courtesy of: Louis Belisario, Revived Residential, lou@revivedresi.com
Copyright © 2024 Brooklyn New York Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.