It’s a tight market in primest Bushwick for rent-unregulated housing, given that most of the buildings in this part of the hood are at least 6 units or not legal for residences at all. But this great four-unit house at 10 St. Nicholas is really the most bang for your buck in this town right now — lots of apartments to rent out and defray your costs, no tenant headaches beyond what’s normal, and a great location in the most happening part of Bushwick proper. The facade is mostly intact — maybe if you just peeled the nasty asphalt siding off if you’d find old wood underneath — and the original iron fence needs work but it’s all still there. Sadly, nothing to report about the interiors as there are no photos, but if it’s inhabited, it’s probably good enough to live in for now. This is a score — but I’d ask why the price was bumped up 44K from the original list price.
10 St. Nicholas Avenue | $569,000
3250sqft | 25ft-wide | 4-family, 4ba | frame
Jefferson L
stockholm August 13th, 2009 at 1:41 pm
Good price, GREAT agent, bad location. Right across the street from a live poultry place. A succesful live poultry place. Tis a shame…
bushwicknative August 13th, 2009 at 2:13 pm
My grandmother lived some of her teenage years in that house 100 years ago. Amazing that it is still intact. I suspect she would be shocked at half million dollar price.
sweetser August 14th, 2009 at 8:53 pm
This is definitely a good deal and a decent building, though it does need some upgrading. One of the apartments is beautiful, but the other three are kind of hurting. No sinks in the bathrooms? I guess these old buildings have their quirks. Still, close enough to the Jefferson stop and enough units to be a great investment.
mopar August 16th, 2009 at 11:06 am
Ain’t this a beauty? Sweetser, tell us more. Do all the apartments have their original details? What are the layouts like? Did they have full bathrooms originally? Separating sink & bath from toilet can be convenient when several people share one bath, and it’s standard in San Francisco.
Also, since this is a four-unit, does it require 25 percent down, are the units rent stabilized, is this considered commercial property?
And would you have to throw long-term tenants out on the street to make the numbers work — that is never appealing to me.
I have to agree this is the most interesting building for sale in Bushwick at the moment. Slim pickings.
sweetser August 21st, 2009 at 11:45 am
the layouts are pretty normal, long apartments, with bedrooms on each end of the units, and the living room and kitchen in the middle. i’m not certain about the original details, but i believe they are mostly in tact. i know the kitchens have high ceilings with the old school tin or aluminum (uncertain?) style ceilings, though they could use some restoration. the one unit that i said is beautiful has been updated more recently, but the other three have had the same families living there for decades and are not as hot. those units had a LOT of clutter and random things hanging out when i checked this place out, so i can’t tell you too much more about the details. my guess is that the bathrooms have never had sinks, but are located pretty close to the kitchen sink. i didn’t find out what rent roll is, but again some of those families have been there a long time, so i don’t know if current rent would pay the mortgage or not. one more pro and one more con; a good amount of storage space in the (unfinished) basement, but the backyard is small and slightly gross. the agent is a pretty nice guy, and has a few other listings in this part of the neighborhood – definitely get in touch with him if you’re interested.
mopar August 24th, 2009 at 1:46 pm
Thanks, Sweetser, for all the info. Wish I could see this place but it’s too late for us, we’re taken and moving to the JMZ. Good luck with your house hunt.