Back on the market 7/16/18 !!
Work completed and brand new 3 family certificate of occupancy approved.
Located on the border of Clinton Hill and Be d ford Stuyvesant, 402 Franklin Avenue is as as appealing for owner users as to i nvestors alike.
This four story, 16.67ft x 43.16 ft, three un it brownstone sits on a 95ft long lot and was gut renovated in 2012 wi th new plumbing, electric, roof, structural reinforcement and mechanical upgrades, leaving all the heavy lifting finished for the new owner.
The two bedroom, 1.5 bath garden parlor duplex features a large and private backyard, decorative fireplaces, exposed brick walls and king size bedrooms. The basement level although undone can be finished for a recreational room or office space with the potential to add another half bathroom
The top two rental one bedroom units were more recently renovated this year with bleached oak floors, new quartz countertops, subway tiles and stainless steel appliances. Shared access to a recently re-inforced roof will give the tenants apartments the most sought after of amenities: private outdoor space. Vacant and ready to be leased, they will produce a projected income of $5,000 a month, easily covering most of the mortgage expenses.
For investors, this high income, low maintenance property has a total projected rent roll of $9,500 a month providing a solid investment in a still growing market with plenty of upside.
For condo developers, 402 Franklin Ave has an allowed usable area of 4,749 square feet. With several comparable condo conversions in the immediate area already selling as high as $1,100 per foot , this property presents an excellent return opportunity (even if none of the remaining air rights are utilized!).
Property taxes dont reflect new building classif fication as a 3 family. Projected taxes will be $5,750 approximately.