For investors, this property is delivered vacant with projected 7 % cap rate and 8.5% cash or cash return. Plus, there is major upside from the area’s upward growth. For a primary residence, this home gives you a 2000 square foot duplex to call home PLUS high income from the three bedroom rental unit.
This massive corner building is directly across the street from the #3 Express Train at Van Siclen Ave in prime East New York. Built full 20×50 on three floors (all three floors are ABOVE GROUND and legal for living and bedrooms), there are two huge apartments with windows on three sides.
Apartment 1 is a massive DUPLEX with 5 bedrooms (convertible to 6) and one and a half (1.5) bathrooms spanning 2,000 square feet. Apartment 2 is a huge FLOOR-THRU with 3 bedrooms and 1 bathroom, convertible to 4 bedrooms, spanning 1,000 square feet. Each unit controls and pays for its own heat, hot water, and electric so your expenses are LOW.
This property would make a perfect investment or live-plus-income. Best of all, this building would easily convert to a three units.
Taxes = 5,400 per year. For primary residence buyers, there is an abatement to lower taxes to 3,000 per year.
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