Located on the border of Clinton Hill and Bedford Stuyvesant, 402 Franklin Avenue is as appealing for owner users as to investors alike. This four story, 16.67 ft x 43.16 ft three unit brownstone sits on a 95 ft long lot and was gut renovated in 2012 with new plumbing, electric, roof, structural reinforcement and mechanical upgrades, leaving all the heavy lifting finished for the new owner.
The two bedroom/convertible three , 1.5 bathroom owners duplex features a large and private 41'10 x 16'8 ft back yard and while in move in ready condition, is ready for the final cosmetic updates and customization that the new owner might need. The basement level could easily be finished as an extra office space and has plumbing ready for an additional half bathroom. A most recent bathroom and kitchen renovation for the top two rental units was just completed in November with bleached oak floors, new quartz counter tops, subway tiles and stainless steel appliances. Vacant and ready to be leased, they will produce a rental income of $4,800+ a month , easily covering most of the mortgage expenses.
For investors, this high income, low maintenance property has a projected rent roll of $9,000 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 $1,065 per foot, this property presents an excellent return opportunity (even if none of the air rights are utilized!).
Note: a brand new certificate of occupancy for a 3 family will be delivered by closing.