Description

Presenting 413 Pacific Street, a turnkey eight-unit brownstone on a prime Boerum Hill townhouse block. Perfect for investors and end-users alike, the property has been meticulously maintained by its current owner. It thus commands a strong and consistent rent roll with seven free-market units, plus one vacant stabilized unit, currently used as the owner's office.

The quality of the building is apparent from the block. The facade is a well-maintained red brick, from which oversized south-facing windows peer over tree-lined Pacific Street. Inside, porcelain tiles line the floor, ceiling and stairs, taking you all the way up to the skylight on the top floor.

Each floor has two studio rental apartments. Immense investment was made when these units were deregulated, including renovating all the kitchens and bathrooms. The rear garden unit enjoys sole access to the 40-foot-deep back yard, where mature vegetation provides welcome shade and privacy.

For investors, the house offers a strong cap rate from day one with minimal intervention. The seven free-market units already achieve strong rents, and demand for this product is consistent and reliable.

For the end user, opportunities abound. As shown in our sample alternate plan, one could combine the two lower floors into a gracious, 1,800 square foot owner's duplex complete with private garden, while still collecting a healthy rent roll from the four free-market units above. Over 500 square feet of available FAR allows this expansion, plus the creation of a third-floor terrace -- a value-add to the rent roll. Consult your architect for the full scope of possibilities.

Showing by appointment. Virtual renderings and alternate plan for marketing purposes only. Listing courtesy of Compass ...
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