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Sep 3, 2015 10:23 EST

Brooklyn Fix and Flip: 896 New York Avenue, Brooklyn, New York

iCrowdNewswire - Sep 3, 2015

Brooklyn Fix and Flip

View the Property
Investment Summary

This is a prefunded purchase & rehab opportunity for a Multi-Family Residential property in New York. The subject property address is 896 New York Avenue, Brooklyn, New York.

The developer is requesting a loan of $480,000 in order to purchase and renovate the underlying property. The property was purchased for a total of $575,000 in August of 2015. There is minor renovation needed for the property, totaling $20,000. The borrower will receive 1 draw(s) totaling $480,000 at closing of the underlying loan. The borrower plans to sell in one year or under.

896 New York Avenue

  • Purchase Price: $575,000
  • Renovation: $20,000
  • After-Rehab Value: $830,000

An independent BPO commissioned by Patch of Land, shows an After Repair Value (ARV) of $830,000 for 896 New York Avenue. The ARV ratio is 57.83% and is in line with the data we found during our due diligence process. Our research shows the residential market surrounding the underlying property in this area of New York is stable and supply and demand are in balance.

Property Overview

896 New York Avenue was built in 1910, located in the metropolitan neighborhood of Brooklyn, New York. The property has 8 rooms including 5 bedrooms and 3 bathrooms, with a gross living area of 2,060 sq. ft. on a 1,950 sq. ft. lot. The property will remain 2,060 sq. ft. after renovations. The property is near The property is nearby transportation, shopping, parks, restaurants, art and entertainment. The property is blocks from the train station (Church Avenue Station), Flatbush Triangle Junction shopping mall, King County Hospital, and the recently remodeled Kings Theater.

 

Renovation

896 New York Avenue

The following minor renovations are planned to be completed:

  • Painting the walls
  • Changing the carpets
  • Sanding the floors
Contact Information:

DG Development Opportunity Fund

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