Description

The opportunity: · Live With Income: Take up residence in a pre-war, multi-family townhouse with significant recurring rental income in Greenpoint, Brooklyn for $3.99M. · Live in a newly built-out duplex apartment in one of Brooklyn’s hottest areas for below-market prices, and amass equity quickly with passive rental income. The owner’s unit build-out can be fully customized. The property: Located on a tree-lined street in Greenpoint, Brooklyn, 199 Java Street is a 7,200 sq ft, 6-family brick-and-stone structure built in 1931. Spanning 25’ by 80’ on a 25’ X 100’ lot, the handsome building has 6 rental units. Purchase Economics: Take up residence in a brand-new 1800 sq ft duplex apartment with exclusive garden access, and receive an estimated $181,000 in net income from five rental units. Assuming a conservative price per square foot of $1,100 for the newly renovated space, the owner’s duplex would be valued at $1.98M on the open market. The new owner in essence acquires the raw duplex space for $1.0M, or $555/sq ft (well below market price in Greenpoint, if you can even find it). Then, for the remaining $2.99M of the overall purchase price, the new owner takes over the remaining rentals in the building (whose net annual income of $181,000 represents a CAP rate of 6.2%). Larger Owners Unit Potential: The purchaser can also opt to create a larger living space by combining additional units in the building. For example, the buyer could combine both garden/parlor-floor duplexes to create an incredible 3600 sq ft home with multiple private outdoor spaces, and receive net rental income of $125,000 per year. On the open market, a sprawling luxury duplex like this would conservatively be valued at $3.96M. The Best Neighborhood in Brooklyn: Offering NYC skyline views, beloved parks, and recently developed waterfront green spaces, Greenpoint has leapfrogged other popular Brooklyn neighborhoods to become a prime destination for transplants from other parts of the city and all over the world. It is considered to be one of the hottest neighborhoods in New York City. Greenpoint’s abundance of culinary and nightlife options is evidence of its thriving growth, while at the same time remaining a sought-after residential neighborhood. Greenpoint is a veritable wonderland of mom-and-pop shops and food markets, boutiques and curio shops - many of them dating back to the 1910’s, while others opened circa the 2010’s. Served by both the G subway line and ferry service, Greenpoint is easily reachable by commuters and visitors alike. Setup available upon request. Listing courtesy of Compass ...
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