416 East 53rd Street

This legal 2-Family house in prime East Flatbush has many things going for it. Fully detached, the property features a two bedroom, one bath apartment above a one bedroom, one bath owners unit, plus a finished basement with ¾ bathroom and two-car garage! Great light streams through this property, Great light streams through an abundance of windows, highlighting the high ceilings and openness of the space. Original stained glass windows add to its charm. The top floor is particularly bright and has a large master bedroom with a double closet, an eat-in kitchen, generous living room and second bedroom. The first floor owner’s duplex has an open plan kitchen/dining area and large living room. The bedroom has an extended bonus space used as a walk-in closet and storage room. The basement boasts high ceilings over a kitchenette area, recreational room/ bedroom and separate laundry area; it has its own separate entrance at the rear of the home. The boiler and hot water heating are near the start of their life cycle. The property does require significant renovation, particularly to the first floor unit. A pre-listing inspection was completed on the property to confirm that the big 5 (electrical, plumbing, heating systems, roof, and structure) were in good working condition, and the house comes with transferable warranties. As a result of that inspection, the electrical panels were upgraded and other issues were addressed. This property is ideal either for an end user who wants to utilize a 203(k) rehab or conventional renovation loan, or as a “buy and hold” investment property: market rent for a 1 bedroom and 2 bedroom apartment in East Flatbush is $1600-$1800 and $2000-$2200, respectively. This property is being sold as-is. If you’ve got an appetite for renovation and can make the numbers work, this is a great opportunity to own a two family in a highly sought after neighborhood. Come see for yourself!