It would seem that the townhouses on Manhattan Avenue between 116th Street and 117th Street are hoping to make a high sale in 2010. We reported on 401 Manhattan Avenue a couple of months back and now the neighboring brownstone at number 403 has recently been placed on the market (center brownstone). This time around, there's a major price difference. The three family rented brownstone is going for $1.3 million and apparently has been recently renovated. The rent roll is around $49,200 per year and that would bring in about $4K per month. Our question would be if a buyer bought this house (as an investment property) at the asking price, the mortgage plus the taxes would be north of $6,000 per month. We are not sure if the math works out since the location is average, the renovations are on the minimal side and the total square footage is only slightly over 2,100. For a wow factor, the next door neighbor going for $1.59 milllion is located to the left of the house. The interior of the more expensive house looks like a museum piece since the Victorian curator at the MET currently owns it: LINK. The closest subway to this location is the B,C at 116th Street. Photo by Ulysses
Wednesday, February 17, 2010
☞ DWELL: 403 Manhattan Avenue Brownstone
It would seem that the townhouses on Manhattan Avenue between 116th Street and 117th Street are hoping to make a high sale in 2010. We reported on 401 Manhattan Avenue a couple of months back and now the neighboring brownstone at number 403 has recently been placed on the market (center brownstone). This time around, there's a major price difference. The three family rented brownstone is going for $1.3 million and apparently has been recently renovated. The rent roll is around $49,200 per year and that would bring in about $4K per month. Our question would be if a buyer bought this house (as an investment property) at the asking price, the mortgage plus the taxes would be north of $6,000 per month. We are not sure if the math works out since the location is average, the renovations are on the minimal side and the total square footage is only slightly over 2,100. For a wow factor, the next door neighbor going for $1.59 milllion is located to the left of the house. The interior of the more expensive house looks like a museum piece since the Victorian curator at the MET currently owns it: LINK. The closest subway to this location is the B,C at 116th Street. Photo by Ulysses
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Love your BLOG!! Point of correction on 403 Manhattan Ave. Rental Income is $6400 per month $76,800 per year. Ih has been completely renovated Garden Duplex + 2 -2 Bedroom Floor Thrus w/ FP in each.
ReplyDeleteThere is one major problem with 403 Manhattan Avenue. There's a deck at the rear of the building. The tenants of this apartment smoke out there constantly. The second hand smoke is seeping into the condominium that shares the alleyway with 403.
ReplyDeleteIn addition to the smoking the deck creates a safety hazard because it is less than four feet away from the condo building. The flood lights on this deck are on continuously and shines into the condominium windows. The deck has decreased the property value of the condominiums it is adjacent to, because no one wants to live with a noisy, unsafe deck right outside of their bedroom windows.
ReplyDeleteDoes anyone know the management company for 403 Manhattan ave
ReplyDelete