Three-Family Townhouse Seeks Huge Profit in Bushwick
Brooklyn is one of the shining examples of New York’s crazy strong real estate market, where prices seem to have no limit. Case in point: this three-family townhouse in Bushwick, a neighborhood typically known for cheap rents and warehouse loft apartments, that is asking $1.25 million. Sure, this pad—located at 1108 Madison Street, off the Gates Avenue J train—is nice, but that’s a lot of money. It’s even more surprising to know that the seller purchased it only two years ago, in May of 2013, for $633,000. From $633K to $1.25M in two years…that’s Brooklyn real estate for you!
As for the house, it’s been nicely renovated and still has some historic details intact. It is currently configured to hold three apartments, meaning it’ll take some work and money for a buyer who wants their own single-family home. For now, there are two three-bedroom, one-bathroom units and one two-bedroom, one-bathroom unit with a semi-finished recreational space. According to the listing, all the units will be vacant by December 1st.
Here are some more details inside one of the rental units. We’re glad those wide wooden door frames remained intact–they’re beautiful! We’re guessing that these photos are of the two-bedroom apartment located on the parlor floor, which comes with a deep backyard that’s not pictured in the listing.
The kitchen has pretty standard finishes for a rental apartment. What this 20-foot townhouse does seem to offer is room to spread out, as everything feels open and spacious. But the real question is: it is worth the $1.25 million for a townhouse in Bushwick? The price was recently increased by the brokers from $1,195,000, so there is a very good chance it’ll get snatched up at its asking price.
[Listing: 1108 Madison Street by Gabriel Keaton and mTkalla Keaton for Compass]
Photos courtesy of Compass
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