Brooklyn Fourplex

This well maintained 4 plex has had the same owner for 44 years! Each 2 bedroom, 1 bathroom unit is super spacious. Easily convert into 3 bedrooms and install washer dryers in each unit. The seller built a gorgeous brick and stone four car garage recently and poured a new concrete driveway. Market rate for these units is well over $1,195 if simple interior cosmetic updates are made.

Why We Love It: The location is good, several new construction projects in the nearby vicinity. A brand new high dollar boiler was installed last year and you’ll have super low utility costs. The basement is empty, perfect to add a common laundry or for additional storage. Market rents are $1195+. Extra large parcel, could possibly use the extra land for construction of another building. 

The Challenge: Current tenants only pay $700 per month and have lived there for 20 years. Turnover will happen and units will need to be updated for highest ROI.

The Value Add Play: Get all the units up to market value and consider adding infill to the lot.