Build an additional 4,500 square feet to this three-family townhouse located between Nostrand and Rogers Avenues. The possibilities are endless. Live in the duplex unit with private outdoor space and collect $7000 in rental income each month from two units. With 20% down and a 3% interest rate, your monthly mortgage payment is $7,589. But with the rental income, it will only be $589 a month. Enjoy the comforts of modern living mixed in with the many period details still intact such as original hardwood floors, built-ins, and crown molding throughout the home.
Feel like having more passive income, rent out all three units and collect $138,000 a year with a projected 5.1% cap rate that will continuously go up each year. Because you can build a total of 7,930 sq feet, there is tremendous upside and potential at 521 Eastern Parkway.
Being that the building is in place and you are not building from the ground up makes this an ideal condominium conversion project with a lucrative sellout.
The house comes with fully drawn architect plans to take advantage of all the air rights and potential of the home. You can save a lot of time and money by building days after closing on the house. Contact me for Rent Roll and Income/Expense Sheet.
This 20' x 55' limestone sits on a 25' x 105' lot in the best part of Crown Heights. Located on bucolic Eastern Parkway, nestled between the Children's Museum, The Botanical Garden, Prospect Park, and bustling Nostrand and Franklin Avenue. The 2, 3 and 4, and 5 trains are at your doorstep, making getting anywhere a breeze.