6 Bed 4 Bath Multi-family For Sale $1,465,000 3,600 sqft ($407 per sqft)
Broker: Fabrizio Uberti Bona Corcoran
An Investor's Dream: A Fully-Leased Townhouse in Prime Bushwick. 4.5 CAP with incredible upside.
This recently gutted two-family home is
...read moreAn Investor's Dream: A Fully-Leased Townhouse in Prime Bushwick. 4.5 CAP with incredible upside.
This recently gutted two-family home is fully occupied with a long-term lease in place (5-year lease, currently on year 2, renewable for 5 more). The building is professionally managed, offering guaranteed rent, no downtime and no vacancies, along with no maintenance worries. 1129 Decatur Street is fully occupied and will not be delivered vacant; the new owner will take over the current leases and the agreement with the Property Manager. The rent roll on this property confirms no vacancies and no rent concessions since day 1, while the operating agreement has built-in rent increases of 2.5% every 12 months, year over year for the duration of the lease (with a 5% increase on the 5th year).
This beautiful home has two duplex apartments, with four floors totaling 3600SF; the house is 20×45, sits on a 20×100 lot and has 2,160SF of unused FAR; it features all new plumbing, electrical, central air conditioning/heat, and gas boilers along with recently renovated four bathrooms and two full kitchens with stainless steel appliances and granite countertops. The building's attractive brick façade was redone in 2014, and the roof was redone the year after. Additional upgrades to the home include: solar panels, a top floor skylight, a mudroom, four decorative brick fireplaces, floor-to-ceilings French doors leading to an expansive custom 300SF deck, sunny manicured backyard, all custom steel work for the windows, the lower level entry and for the oversized basement door, brand new oak hardwood floors throughout, custom walk-in closets, tin ceilings, and all energy-efficient appliances, including a vented washer-drier.
Perfectly located in prime Bushwick, this property sits on a tree lined street, a few minutes from the L, J, and Z trains, and it's surrounded by Citibikes stations, parks, schools, delis, local coffee shops and restaurants.
