NOT LISTED FOR SALE

Estimated Value: $1,590,000 - $1,734,000

7 Beds
4 Baths
3,015 Sq Ft
$553/Sq Ft Est. Value

Last Sold February 13, 2025

Last sale price $1,650,000 $547 Per Sq Ft

Est. 1% increase in value since last sale

Current estimated payment $9,440/month

74 Days on Market

About This Home

As of February 2025

Please inquire direct with the listing agent (Mark Martov- Corcoran Group) for more information on a 5.75% mortgage with only 10% down exclusively for this property.
Welcome to 488 Central Avenue, a contemporary multi-family property in the highly desirable Bushwick neighborhood of Brooklyn. Constructed in 2003, this three-story building features a flexible layout with three residential units and the added convenience of deeded parking. The property boasts over 3,015 square feet of living space, plus an additional 1,004 square feet of finished windowed basement space, complete with a large recreation area, ample storage, and a spacious great room ideal for entertaining.
The highlight of this property is the first-floor owner's duplex, which includes a private backyard and deeded parking. This generous unit offers three bedrooms, an office, and three full bathrooms, providing both comfort and functionality. The ground floor features a spacious bedroom, a well-designed kitchen, and an open living and dining area. The upper level continues with additional bedrooms and bathrooms, ensuring ample privacy and convenience.
The second unit spans the parlor and second floors and includes a primary bedroom with access to a private balcony, adding a charming outdoor retreat. The third-floor unit features a well-proportioned living and dining area, a fully equipped kitchen, three bedrooms, and a full bathroom-making it an excellent choice for families or as additional rental income.
Each unit is meticulously designed to maximize space, making 488 Central Avenue a prime opportunity for both homeowners and investors. Situated in a highly sought neighborhood, you'll enjoy easy access to local transit options, including the J, M, and L subway lines, and be immersed in Bushwick's vibrant arts, dining, and cultural scene.This property offers a strong investment opportunity for both investors and homeowners, allowing them to offset the mortgage through multiple rental income streams.

Last Agent to Sell the Property

MARK MARTOV

Corcoran Group License #10401264653 Listed on: 09/16/2024

Corcoran Group

Co-Listed By

Brooke Koropatnick

Corcoran Group License #10401244251

Townhouse Details

Home Type

  • Townhome

Est. Annual Taxes

  • $8,820

Year Built

  • Built in 2003

Lot Details

  • 2,117 Sq Ft Lot
  • Lot Dimensions are 100.00x21.17

Home Design

  • Entry on the 1st floor

Bedrooms and Bathrooms

  • 7 Bedrooms
  • 4 Full Bathrooms

Additional Features

  • 2-Story Property
  • No Cooling
  • Basement

Community Details

  • 3 Units
  • Bushwick Subdivision

Listing and Financial Details

  • Legal Lot and Block 0138 / 03375

Townhouse Details

Home Type

Townhome

Est. Annual Taxes

$8,820

Year Built

Built in 2003

Lot Details

0

Listing Details

  • Property SubType: Townhouse
  • Property Type: Residential
  • Neighborhood: Bushwick
  • Entry Level: 1
  • Structure Type: Townhouse
  • ResoPropertyType: Residential
  • Special Features: None
  • Property Sub Type: Townhouses
  • Stories: 2

Interior Features

  • Fireplace: No
  • Living Area Units: Square Feet
  • Basement: Yes
  • Basement: Other

Beds/Baths

  • Full Bathrooms: 4
  • Bathrooms Integer: 4
  • Bedrooms: 7

Exterior Features

  • View: Other
  • View: No
  • Patio/Porch Features: None

Garage/Parking

  • Garage: No

Utilities

  • Laundry Features: Building Other
  • Green Building Features: Green Building
  • Cooling: No

Condo/Co-op/Association

  • Common Interest: None

Lot Info

  • Lot Size Units: Square Feet
  • Lot Size Area: 2117.0
  • Lot Size Dimensions: 100.00x21.17

Rental Info

  • Land Lease: No

Building Info

  • New Construction: No
  • Units: 3
  • Total Stories: 2
  • Year Built: 2003

Tax Info

  • Tax Block: 03375
  • Tax Lot: 0138
  • Tax Annual: 8820.0

Multi Family

  • Building Area Units: Square Feet

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
Sep 16, 2024
Closed on
Feb 13, 2025
Sold by
Almanzar Gilberto
Bought by
Mcveigh Luke Jeffrey
Seller's Agent
MARK MARTOV
Corcoran Group
List Price
$1,699,995
Sold Price
$1,650,000
Premium/Discount to List
-$49,995
-2.94%
Views
21
Current Estimated Value
$1,666,641

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
$16,641
Avg. Annual Appreciation
1.13%
Original Mortgage
$1,100,000
Outstanding Balance
$1,091,757
Interest Rate
7.04%
Mortgage Type
Purchase Money Mortgage
Estimated Equity
$574,884

Purchase Details

Closed on
Jul 1, 2005
Sold by
Nyc Partnership Housing Development Fund
Bought by
Almanzar Gilberto

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$49,098
Interest Rate
5.67%
Source: Public Records

Range of Values:

--
Value Increase
--
Percent Increase
--
Adjusted for Inflation
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Average Value
Not Available
List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area





Source: Public Records

Purchase History

Date Buyer Sale Price Title Company
Mcveigh Luke Jeffrey $1,650,000 --
Mcveigh Luke Jeffrey $1,650,000 --
Almanzar Gilberto $411,878 --
Almanzar Gilberto $411,878 --
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Open Mcveigh Luke Jeffrey $1,100,000
Closed Mcveigh Luke Jeffrey $1,100,000
Previous Owner Almanzar Gilberto $49,098
Previous Owner Almanzar Gilberto $307,550
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
02/13/2025 02/13/25 Sold $1,650,000 -2.9% $547 / Sq Ft
11/29/2024 11/29/24 Pending -- -- --
09/16/2024 09/16/24 For Sale $1,699,995 -- $564 / Sq Ft
Source: Real Estate Board of New York (REBNY)

Tax History Compared to Growth

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2025 $8,802 $73,260 $14,160 $59,100
2024 $8,802 $73,800 $14,160 $59,640
2023 $8,735 $82,020 $14,160 $67,860
2022 $5,608 $76,620 $14,160 $62,460
2021 $5,308 $70,740 $14,160 $56,580
2020 $4,243 $77,220 $14,160 $63,060
2019 $5,016 $77,220 $14,160 $63,060
2018 $4,345 $37,008 $8,546 $28,462
2017 $3,587 $35,286 $8,253 $27,033
2016 $2,919 $33,289 $8,807 $24,482
2015 $966 $31,406 $9,207 $22,199
2014 $966 $31,406 $10,686 $20,720
Source: Public Records

Agents Affiliated with this Home

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Map

Source: Real Estate Board of New York (REBNY)

MLS Number: RLS11009666

Real Estate Board of New York (REBNY)

APN: 03375-0138