FORT GREENE, 3 Family Town House INVESTMENT- 20 ft. wide on a beautiful tree lined street close the subway. Totally renovated with three high income rentals.
50 Fort Greene Place was completely renovated and consists of 3 large residential units. All units are duplexes and have high end finishes through out.
The first floor apartment is a 3 bedroom 1.5 bath with a finished basement. Walk out to a large 30 foot plus garden great for entertaining.
The 2nd apartment spans the 2nd floor and part of the 3rd floor. It is a 3 bedroom, 2 bath with outdoor balcony
The 3rd floor duplex 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 units 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.
Each apartment has its own HVAC and a washer/dryer. High ceilings approx. 9FT.Building also features a shared roof deck with great views.
The present total rent roll is $182.4K annually.Total expenses including real estate tax is $8.2 and NOI is $174,190.
The top floors' lease is up this coming due 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.
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
RE Taxes:$6481 annually
Expenses: $8,210 includes taxes
NOI: $174,190 CAP 3.5%
Projected NOI- $190K with a projected CAP Rate- 3.8%
Courtesy of: Douglas Elliman 1995 Broadway
Office Phone: 718.715.7000
Listing Agent: Joan DeRoche
Updated: 21st July, 2018 6:16 AM.
50 Ft Greene Pl Brooklyn, NY