461 St Johns Place is a turn key 6 family townhouse on a gorgeous tree-lined block in Prospect Heights. It will be delivered with an in-place rent roll of $94,380 (NOI of $75K) per year, with ample upside. It is currently configured as two (2) one bedroom apartments and four (4) studio apartments. One of the units is out of stabilization, but all of them pay rents over $1000 per month. The current expenses are approximately $20K per year. This property offers an out of the box cap rate of 5% with room to grow.Additionally, this property has an FAR of 4 and could possibly be expanded.
Ideally situated on St Johns Place right off of Washington Avenue, only two blocks to the 2,3 train at The Brooklyn Museum and the 4,5 trains at Franklin Avenue. Prospect Park, Grand Army Plaza, the Brooklyn Public Library, Barclays center and excellent shopping and dining along Washington, Vanderbilt, and Franklin Avenues ensure strong growth in the short and long term. Many nearby new condo developments continue to drive the residential real estate market.
In short, this property offers a superb, turn key townhouse with an excellent rate of return on day one, with AMPLE room to grow.
Listing Agent: Alexander Maroni
Courtesy of: Douglas Elliman 43 5th Ave
Office Phone: 347.844.9162
Updated: 19th April, 2018 11:40 PM.
461 St Johns Pl Brooklyn, NY