Welcome to 286 Clifton Place located on a beautiful tree-lined Brownstone street on the border of Clinton Hill & Bedford-Stuyvesant. This rarely found high income-producing 3-family property boasts a 5.8% cap rate. A perfect, gut renovated, 3-family home that’s fully leased and grossing $12,300/month in rent - effectively covering the entire mortgage.
The 4-story townhouse has been completely reimagined with modern upgrades, amenities, and tasteful finishes that today's discerning buyers look for. Upon arriving, the grand Brownstone steps will lead you into the Owner's Parlor & Garden duplex with a fully finished basement, 2 spacious bedrooms, 2.5 baths, and a modern enclosed backyard. The open concept living, dining and kitchen area feature high ceilings, new flooring and an ornamental fireplace. The brand new kitchen is bright and appealing with new cabinetry, granite counter-tops and high-end stainless steel appliances including a massive Frigidaire professional series refrigerator. The back door opens to a large relaxing deck that overlooks the backyard and private garden. The South facing sun-soaked master bedroom also peers into the backyard which is privately enclosed with a sleek modern wood fence. A canopying tree completes this meditative paradise and oasis. The master en-suite bathroom is beautified with wall to wall marble and is complimented with a large walk-in closet. The fully finished basement provides for ample storage space or optional rec room. The home is fitted with Forced-Air heating & cooling system, vented washers & dryers and an ADT security system.
Additionally, both rental units were recently renovated with brand new kitchens and bathrooms to fully maximize rental income potential. Each apartment has hardwood floors through-out, decorative mantles and are completely bathed in natural light from both exposures. Transportation to the city is stellar with just a short distance to either the Bedford-Nostrand G train or down to the A/C lines at Nostrand Ave express stop. Bedford and Nostrand are bustling with trendy neighborhood shops, cafes, and award-winning restaurants.
Rents:
Apt 1 - $6,000
Apt 2 - $3,150
Apt 3 - $3,150
Note: The home recently underwent a conversion to a 3-family (pending) and as such brought to current building codes. This neighborhood is seeing an unprecedented number of renovations. There is great potential for rental up-side and the upward neighborhood appreciation in home values make this property a sound investment.
Quick Profile
Known for its historic brownstones and tight-knit enclave, Bed-Stuy has increasingly left behind its early reputation for being a “bedroom community” and transcended into a highly desirable neighborhood.
Distinct for its aesthetic, it is populated with ornate buildings characterized by cornices, friezes, finials, fluting and other marks of classic architecture. Built up during the period from 1870 to 1900, its historic district runs to the north of Jefferson Avenue, to the east of Malcolm X Boulevard and to the west of Tompkins Avenue.
At one point known as “Brooklyn’s Little Harlem,” the shape of the area has shifted toward attracting a wider demographic of people thanks to the influx of bars, restaurants, antique furniture stores and vintage boutiques. More police enforcement paired with the decline of the crack epidemic at the beginning of the 2000s also opened the door for increased development, as well as the occupation of formerly abandoned buildings and spaces.
According to New York City records, the median price for an apartment in Manhattan for the month of August 2023 was $1,150,000. The price represents a minimal decrease of .02% from the median price of $1,175,000 recorded in August 2022. The number of apartment sales, however, fell from 1,546 to 1,204 reflecting a year-over-year decreas...
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