155 Washington Ave 0

Washington Avenue 1860s Scandinavian-Chic Farmhouse

Back on the Market!


At $726PSF, 155 Washington Ave is perfect for the first time house owners who want to get a foothold into the Clinton Hill townhouse market where houses average $1000PSF and higher. It also makes sense for investors who want a high cap rate/income rental, or local Pratt students & parents needing housing and an investment opportunity. It is an 1860s pre-civil war, wood frame house complete with 2600sf of interior space, measuring a whopping 20ft x 65ft on a large 100 foot lot. The building has more light than most and has windows on three sides and consequently three exposures: east, west and south. There are 3 units but is a legal 2 family.

The block is undergoing quite a renaissance with many buildings on the block being renovated and a new prewar townhouse condo project across the street will open this fall. Down the block, the Navy Yard is also undergoing a major facelift as part of a huge billion dollar redevelopment including the arrival of Wegmans, a gourmet grocery store. Plus the East River Ferry is scheduled to start stopping there as well.

The house brings to mind Scandinavian farmhouses with its extremely high white washed exposed beamed ceilings and the overall feeling of light and air. The location is prime Clinton Hill and is just steps off of Myrtle Ave.

Most owner/investors would combine the parlor and the 3rd floor, creating an 1800sf two bedroom /2 bath duplex,( see proposed Floorplan). Presently the parlor floor is a one bedroom/one bath with soaring 14 foot ceilings, white washed exposed ceiling beams, and an original marble mantel. The kitchen and floors need TLC : it needs new cabinets and new wood floors,but has top of the line appliances including a Sub Zero fridge, Miele dishwasher, Viking stove, and a GE washer drier. The bath has a 6 foot Kohler cast iron soaking tub, stone mosaic floors and walls, a Toto toilet and a white pedestal sink. Plus, there's outdoor space; it has a large deck with stairs to the garden. Upstairs, The top floor is currently a light filled one bedroom with 10 skylights, and could easily could become the duplex's two bedrooms plus a home office. It has a stacked washer drier and there's access to the outside through a side door and an exterior stair to the garden.

The first floor makes a perfect downstairs rental. It is a slate floored, rambling two bedrooms plus a sleeping loft and two baths, opening out into a huge 35ft foot garden, that would provide a great rental income. Its kitchen includes white marble kitchen counters, a Bosch dishwasher, a Viking stove and tons of cabinet space. The master bath has a new claw foot tub and crisp white bead board walls and a white pedestal sink.

Additionally, this is a great project for restoration buffs; the original front porch landing remains on the front of the building but it is missing its porch roof, cornice, and columns. (see original historical photo from NYC archives to see the original exterior). And, because it's not landmarked, getting the project through the city approvals will be that much easier.

The house is close to all shopping and restaurants and gourmet food shops like Pecks, just up the street and restaurants like Putnam's, the Finch, the Michelin star restaurant, and the acclaimed Olea.

Transportation is close by with the G train and the Myrtle Ave buses connect in about 10 minutes to the Flatbush station for the N, R, and the Q.

Price: $1,899,999
Units: 3
Interior SF: 2600SF
Taxes: $4500 Annually
Projected Rent: $123,000
2 BR Duplex $6K
2 BR Garden $3.8K
Expenses:$13,000
NOI $104,000
Cap Rate: 5.53%