Welcome to this unique investment opportunity with this well-maintained Single Room Occupancy (SRO) property in the heart of Bedford Stuyvesant, featuring a blend of functional and appealing living spaces. This versatile building includes: One-Bedroom Apartment: Located on the ground level, this spacious apartment offers easy access, ample living space, and a private backyard, ideal for outdoor relaxation and enjoyment. Studio Apartment: Situated on the first floor, this charming studio provides a cozy and efficient living area, perfect for individuals seeking a low-maintenance residence or as a high-demand rental unit. Four Additional Rooms: The property includes four distinct rooms on the second and third floors that can be used as individual rental units or converted into additional living spaces. These rooms offer flexibility for various configurations and can accommodate a range of tenant needs. Partially Finished Basement: The basement presents additional potential with its partially finished state. This versatile area can be developed into a communal space, or utilized for storage, enhancing the property's value and appeal. In addition to its current setup, the building offers a compelling opportunity for future development. With appropriate permits, it can be converted into individual condominium units, making it an attractive option for investors looking to maximize returns through condo conversion. Whether you are an experienced investor or new to the real estate market, this property provides significant growth and return potential. Seize this opportunity to expand your investment portfolio with a versatile and lucrative asset! Contact me for more information.
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Our Executive Mortgage Banker:
Our Insurance Division:
$1,999,999
William Raveis Real Estate
Phone: 888.699.8876
Contact@raveis.com
VP, Mortgage Banker
William Raveis Mortgage, LLC
Phone: 347.223.0992
Sarah.Alvarez@Raveis.com
NMLS Mortgage Loan Originator ID 1880936
5/6 (30 Yr) Adjustable Rate Jumbo* |
30 Year Fixed-Rate Jumbo |
15 Year Fixed-Rate Jumbo |
|
---|---|---|---|
Loan Amount | $1,599,999 | $1,599,999 | $1,599,999 |
Term | 360 months | 360 months | 180 months |
Initial Interest Rate** | 5.500% | 6.375% | 5.875% |
Interest Rate based on Index + Margin | 8.125% | ||
Annual Percentage Rate | 6.821% | 6.474% | 6.036% |
Monthly Tax Payment | $864 | $864 | $864 |
H/O Insurance Payment | $125 | $125 | $125 |
Initial Principal & Interest Pmt | $9,085 | $9,982 | $13,394 |
Total Monthly Payment | $10,074 | $10,971 | $14,383 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.
** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.