NOT LISTED FOR SALE

490A 7th Ave Brooklyn, NY 11215

South Slope Neighborhood

Estimated Value: $2,329,000 - $2,869,165

9 Beds
4 Baths
2,040 Sq Ft
$1,280/Sq Ft Est. Value

Last Sold August 28, 2018

Last sale price $2,765,000 $1,355 Per Sq Ft

Est. 6% decrease in value since last sale

Current estimated payment $14,297/month

88 Days on Market

Highlights

  • Pre War Building
  • Magnet School of Math Science & Design Technology Rated A-
  • 2-minute walk to Detective Joseph Mayrose Park

About This Home

As of August 2018

Vacant lower 2BR 2bath duplex, two upper 2BR 1bath floor-throughs with leases at $3375 and $3275 per month. Email us for full income and expense projections. Impeccably renovated Park Slope Three Family: two income-producing 2.5BR apartments over a duplex 2.5BR 2bath with yard and radiant floor heat on the lower level. All units have in-unit laundry, balconies, high-end finishes, split system heat and A-C. Stunning common roof deck, views of Manhattan and Statue of Liberty. Building was gutted and completely remodeled in 2012, all systems completely replaced. Move in or rent out these ready to go apartment immediately for a great return. With a projected rent roll of approx $134,000, projected NOI approx $125K, and projected cap rate approx 4.5% this property is perfect for investors from 1031 exchanges to a first time buyer looking for a finished, easy, ready-to-go investment. Building is 17.67x45.1ft on four floors - approx 3200sf gross, with approx 2400sf completely above grade and 800sf lower level on grade with the backyard and below grade at street.

Last Agent to Sell the Property

Michael Hartman

Corcoran Group License #10401281337 Listed on: 05/01/2018

Corcoran Group

Co-Listed By

Jonah Cohen

Corcoran Group License #10301209913

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1899

Home Design

  • Pre War Building

Bedrooms and Bathrooms

  • 9 Bedrooms
  • 4 Bathrooms

Community Details

  • 3 Units
  • Park Slope Subdivision

Property Details

Home Type

Multi-Family

Year Built

Built in 1899

Lot Details

0

Listing Details

  • Property SubType: Multi Family
  • Property Type: Residential
  • Neighborhood: Park Slope
  • Architectural Style: Prewar
  • Special Features: None
  • Property Sub Type: MultiFamily

Beds/Baths

  • Bathrooms Integer: 4
  • Bedrooms: 9

Building Info

  • Units: 3
  • Year Built: 1899

Ownership History

Date Name Owned For Owner Type

Purchase Details

Closed on
Feb 1, 2019
Sold by
Thigpen Hill Llc
Bought by
490A 7Th Avenue Llc
Current Estimated Value
$2,611,291

Purchase Details

Listed on
May 1, 2018
Closed on
Aug 27, 2018
Sold by
Merritt Armenay F and Merritt Norman L
Bought by
Thigpen Hill Llc
Seller's Agent
Michael Hartman
Corcoran Group
List Price
$2,875,000
Sold Price
$2,765,000
Premium/Discount to List
-$110,000
-3.83%

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
-0.78%

Purchase Details

Closed on
Jun 7, 2011
Sold by
Pietras Joseph
Bought by
Merritt Armenay Faye and Merritt Norman L

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$649,999
Interest Rate
4.63%
Mortgage Type
Purchase Money Mortgage
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
490A 7Th Avenue Llc -- --
490A 7Th Avenue Llc -- --
490A 7Th Avenue Llc -- --
Thigpen Hill Llc $2,632,500 --
Thigpen Hill Llc $2,632,500 --
Thigpen Hill Llc $2,632,500 --
Merritt Armenay Faye $999,999 --
Merritt Armenay Faye $999,999 --
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Previous Owner Merritt Armenay Faye $649,999
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
08/28/2018 08/28/18 Sold $2,765,000 -3.8% $1,355 / Sq Ft
07/29/2018 07/29/18 Pending -- -- --
05/01/2018 05/01/18 For Sale $2,875,000 -- $1,409 / 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 $7,378 $179,580 $24,060 $155,520
2024 $7,378 $141,840 $24,060 $117,780
2023 $7,039 $125,340 $24,060 $101,280
2022 $6,882 $137,340 $24,060 $113,280
2021 $7,030 $116,280 $24,060 $92,220
2020 $3,388 $125,280 $24,060 $101,220
2019 $6,575 $138,540 $24,060 $114,480
2018 $3,287 $16,123 $3,037 $13,086
2017 $3,256 $15,972 $4,330 $11,642
2016 $3,014 $15,078 $4,591 $10,487
2015 $1,598 $14,230 $4,790 $9,440
2014 $1,598 $13,436 $5,426 $8,010
Source: Public Records

Agents Affiliated with this Home

  • Michael Hartman

    Seller's Agent in 2018

    Michael Hartman

    Corcoran Group

    (310) 766-3909

    2 in this area

    12 Total Sales

    Michael Hartman
    Section Image
  • Jonah Cohen

    Seller Co-Listing Agent in 2018

    Jonah Cohen

    Corcoran Group

    (413) 429-6781

    33 Total Sales

    Jonah Cohen
    Section Image
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Map

Source: Real Estate Board of New York (REBNY)

MLS Number: RLS10055521

Real Estate Board of New York (REBNY)

APN: 01056-0046

New York Kings County Brooklyn 11215 South Slope

490A 7th Ave, Brooklyn, NY

Not Listed for Sale

MultiFamily

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