OPEN HOUSE: Saturday, December 10th, By Appointment Only. A rare 20-foot-wide brownstone within the Mount Morris Park Historic District is up on the market for the asking price $1.45 million. The main issue here is that the building appears to be a 5 family setup with 4 rented out 1 bedroom units. So do the interior hold up to the asking price?
There appears to be some great original details in place but some work might have to be done to get things polished up again (are those steel entrance doors?). The kitchen looks relatively new so the infrastructure might be okay on this one. See more photos and set up an appointment on the broker site:
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122 is SUCH a beautiful block. I don’t think that price is out of line.
ReplyDeleteAd says owners duplex and four rent stabilized units. Isn't that code for SRO? Depending on the stabilized rent, the price could be ok or really high...
ReplyDeleteThe block is beautiful but it is a rent stabilized building (not a SRO)! Unfortunately, the asking price is too high considering the fact that it is stabilized. This means you will only be able to obtain a commercial loan for this property and they will only be willing to loan on the current actual income. The only way this will trade hands is if it's an all cash buyer.
ReplyDeleteBut ad says can be delivered vacant. . .
ReplyDeletei attended open house...building needs a lot of work--old bathrooms, kitchens, popcorn ceilings...not so easy to get tenants out, unless you buy them out
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