High Income Three Unit Residential Free Market Rental Building W/ Unbeatable Fort Greene Location & Super Luxe Finishes
50 Fort Greene Place is a recently reconstructed luxury four story rental building with 3 large duplex rentals 2 and 3 bedroom apartments. The building was rebuilt in 2010 using the original foundation from the previous building and incorporating quality construction such as extensive insulation and attractive details like the limestone exterior, multi paned new windows, and the decorative wrought iron window boxes. It is located mid-block between Dekalb and Lafayette Avenues in Fort Greene, just 2 blocks from the Atlantic Terminal and all transportation.
All of the apartments are duplexes: The first apartment is duplexed into a portion of the basement, is a 3 bedroom &1.5 bath and also has the exclusive use of the 30 foot plus garden. The 2nd apartment spans the 2nd floor and part of the 3rd floor. It is a 3 bedroom, 2 bath. The 3rd apartment is located on the 3rd and 4th floors and is a 2 bedroom and 2 bath. There is a large 20-foot terrace off of the 2nd bedroom looking out over the garden. All three were finished with quality details such as grey porcelain floors, large open kitchens with 6 foot islands covered with Caesar stone-like white counter tops. The back splashes are tiled and all of the appliances are stainless steel.
The baths are tiled both on the floors and the walls. The fixtures are chrome and each has a large vanity. Each apartment has its own HVAC and a washer/drier. The ceiling height is high and is just a little under 9FT. Plus, the roof has been improved & decked so that it's a common roof deck for the tenants and their guests.
The present total rent roll is $182.4K annually.Total expenses including real estate tax is $11.6K and NOI is $170.7K.The top floors' lease is up this coming August, creating an opportunity for a new buyer to reside there or rent at a higher rent. The second floor units' lease expires in October 2018. The first floor lease continues til 9/19.
The upcoming vacant rentals can be rented at a higher rent rate and a projected net addition to the rental revenue is almost $20,000 annually and the NOI would increase to approximately $190K.
Fort Greene is known as one of the most popular areas in Brooklyn and a few years ago was voted by Time Out New York as one of the best neighborhoods in Brooklyn. There are cultural activities at the Brooklyn Academy of Music and there is also the beautiful 19th Century Calvert Vaux' and Frederick Olmstead's, beautiful Fort Greene Park, where on Saturday there's a green market and there's off leash time for dogs before 9am. The Apple store recently opened up the street and there's a Whole Goods nearby as well. Proximity to the Atlantic Center , which is a transportation hub with all the trains plus the LIRR also adds to the overall appeal.
# Families: 3
RE Taxes:$6481 annually
After Re rentingUpcoming vacancies: $190K
Listing Agent: Kathleen Perkins
Courtesy of: Douglas Elliman 664 Fulton
Office Phone: 718.715.7000
Updated: 24th April, 2018 8:22 PM.
50 Ft Greene Pl Brooklyn, NY