Real Estate

Cobble Hill Townhouse With Tenants, Investment Potential Asks $3.75 Million

This landmarked four-story Cobble Hill townhouse comes fully occupied, and might make most sense as an investment property.

Brooklyn Homes for Sale in Cobble Hill at 394 Henry Street

by Chris Erikson

01/04/2017 3 minute 0

This landmarked four-story Cobble Hill townhouse, at 394 Henry Street, comes fully occupied, the listing specifies, and might make most sense as an investment property. One could rehab the top three floors into a grand single-family spread, but the garden level is off limits for the near term: It houses a daycare center with a five-year lease.

The upper three floors each have a two-bedroom apartment — all are occupied on month-to-month leases. There aren’t many photos and the listing doesn’t say anything specific about condition; given that it’s a rental property that’s been in the same family for over 30 years, one might guess that they’re not recently renovated.

The house doesn’t seem to be harboring any bounty of original detail, though the listing does offer that there are original wood floors, as well as exposed brick. The facade, as you’ll note, has been regrettably redone in Permastone; it’d be nice to bring it back to the original brownstone, though not cheap. The facade remodeling was already completed when the house — likely an Italianate dating from the third quarter of the 19th century — was included in the Cobble Hill Historic District.

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As it stands, the house fetches $12,000 a month in rental income, according to the listing; it mentions you could up that number with some apartment renovations. Or keep it as is. Or, as noted, you could do something else entirely with the top floors. Decisions.

Listed by Daniel Dinov of Charles Rutenberg, the house is asking $3.75 million. Think those numbers make for a good investment?

[Listing: 394 Henry Street | Broker: Charles Rutenberg] GMAP