As the North Brooklyn real estate market braces for the effects of the L train shutdown, some experts have told us to expect multi-family property owners to put their places on the market ASAP, the better to get out of the game before rents presumably drop. But if you're willing to risk a couple of possibly rough years for a shot at lucrative Brooklyn landlording, this 10-unit, $4.595 million property in East Williamsburg might be the ideal investment option.
The property consists of two townhouses near the Grand Street L station (and about a 10-minute walk from the G at Metropolitan). The listing notes that all 10 of the apartments are currently occupied, and only two of them are rent-stabilized. All the market-rate units have been recently renovated, with finishes that look slightly higher-end than a lot of the cookie-cutter upgrades one sees in the Brooklyn rental market.
There's laundry and storage in the basement, as well as a backyard patio. The mechanicals have all been recently been updated, and the roof is brand new, too.
Keep in mind that this particular part of East Williamsburg might be more affected by the L train shutdown than other areas of Williamsburg and Bushwick, as it's fairly isolated from other transit options like the JMZ. But if you're a deep-pocketed investor who can weather the storm when the train shuts down in 2019, now may be the ideal time to get into the market.
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