Seemingly worlds away from the neighborhood’s bustling main strip is 867 Knickerbocker, a pretty blonde brick apartment house near the very end of town. To be certain, it’s far from the action, but it is among the several blocks of attractive, intact brick homes in this quadrant of Bushwick. We unfortunately have no photos to view, and at this price one shouldn’t expect anything fancy inside, but it’s probably inhabitable and since it’s obviously stabilized, there’s an upside to rents over time. It even has a new boiler, hot water heater and electrical panels.
867 Knickerbocker Avenue | $499,000
4800sf | 25ft-wide | 6-family, 6ba | brick
Wilson L/Chauncey JZ
Dresden January 28th, 2009 at 3:37 pm
This is a shitty setup. I mean, could we get a rent roll?
Brian H January 28th, 2009 at 5:21 pm
Wilson on the L , 6 family and no pics??? Good luck has tenant/landlord housing court for the next 10 years written all over it.
mopar January 28th, 2009 at 6:17 pm
Nightmare.
Dresden January 28th, 2009 at 7:09 pm
I called, got a number for a local broker, called, gave him my email – he still hasn’t emailed the rent roll.
In this market there are better opps for people with half a million or the ability to finance that number.
john sparrow January 29th, 2009 at 8:36 am
It seems that if the middle picture is the house being sold, it is the worst curb appeal, looking at the others, this is the only one that the garbage is not well maintained. That would be my first concern, my second is the point Brian H made, why no Profit and Loss? Finally, who decides which house is the house of the week and how do they determine it?
mopar January 29th, 2009 at 5:04 pm
It does say the rent roll is “low.”
Joseph January 30th, 2009 at 12:27 pm
The low rent roll can be a real problem. Most folks who are paying low rents have been there for a long, long time and have absolutely no incentive to ever leave. You can try buying people out, but most of them know that they will never be able to find anything decent at anything close to the rent they are now paying.
Dresden February 1st, 2009 at 5:25 pm
Every tenant is around 800-900 a month.
Income: 1R: $850.00 1L: $875.00
(DHCR) 2R: $900.00 2L: $825.00
3R: $800.00 3L: $865.00
Total Annual: $61,380.00
Estimated Expenses:
Est. Taxes: $4956.00 Heat (Gas): $5500.00
Insurance: $2500.00 Electric: $600.00
Water& Sewer: $3000.00 Est. Maint.: $1000.00 Total: $17,556.00
NOI: $43,824.00