albany avenue brooklyn conversion potential

1250000.00 $US
January 27, 2021 New York, Brooklyn Albany Avenue 4
albany  avenue brooklyn conversion potential

Description

Albany Avenue for sale, the property is a three story two family building. Located in Crown Heights, the building is in a nice residential neighborhood surrounded by other two family and single family homes. The property has the potential to be converted into a three family building or a single family home.

THREE STORY RESIDENTIAL BUILDING FOR SALE
EXCELLENT INVESTMENT/USER OPPORTUNITY
ALBANY AVENUE
BROOKLYN, NEW YORK





West side of Albany Avenue between Park Place and Prospect Place

17′ x 80′
First Floor:———17′ x 45′ = 765
Second Floor: —-17′ x 45′ = 765
Third Floor:——–17′ x 45′ = 765
3
2,295
R6 (2.43)
3,305
1,010
2,716.60

Description:

A 17’ wide two-unit three-story building. The ground floor has a one- bedroom floor-through garden apartment. The second floor has two big rooms one is located to the front and the other is to the back of the property. The third floor is a floor-through three-bedroom apartment.

First Floor:

The first floor is a one-bedroom floor through unit. The bedroom is located to the front, to the middle of the apartment is the full bathroom. There is a full kitchen located at the back, which gives access to the back yard. The apartment has access to the basement, which has the gas boiler, water heater and the meters. The tenant does not pay rent and is responsible for the garbage and is open to a buyout.

Second Floor:

The second floor has two big rooms with 12’ ceilings. The rooms get great sunlight and have the potential to be combined into a floor-through unit or turned into two studio apartments. One room will be delivered vacant. The tenants use the kitchen and bathroom on the first floor. The room to the back will be delivered vacant. The front room tenant is paying $500 per month and is open to a buyout.

Third Floor:

The third floor is a three-bedroom floor-through apartment. Two of the bedrooms are located to the front, one is to the side both the full bathroom and full kitchen is located at the back. The tenant is paying $1,300.00 per month and they are on a month-to-month basis.

The property is a prime investment opportunity, an investor can add value by duplexing the ground floor with the basement to create a duplex garden apartment. The two rooms on the second floor can be converted into two studio units, or a floor- through three bedroom apartment.

The third floor three-bedroom floor-through unit needs a complete gut renovation since there is 1,010 square feet of air rights it can be duplexed by adding another floor above. The investor/developer by renovating the property will be increasing the cash flow of the building and the market value of the property.

The building is also a great user opportunity; a user can occupy the ground floor garden apartment and the two rooms on the second floor. The third floor unit can be used for rental income. The property is listed as a single family and can be converted into a three family building.

ASKING PRICE: $1,250,000

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