Carroll Gardens – Class A – Multi-Family Investment Opportunity

387 Clinton St 750W

Unlike traditional townhouses, 387 Clinton Street is an eight-unit, steel-and-masonry-construction building offering sprawling, multi-bedroom apartments.

 

In the center of Brownstone Brooklyn in northern Carroll Gardens, 387 Clinton Street offers a sound investment opportunity, both financially and architecturally. The mammoth mixed-use structure is comprised of eight residential units, each with three or more bedrooms and two bathrooms. In addition to the residential units, there is also a legally-, medical office space. The building is constructed using steel and masonry. Revitalized in the 1990s, 387 Clinton Street contains many modernized features, including electrical and plumbing, handicap access and central air for the medical space, and residential amenities (dishwashers and in-unit laundry). Prospective buyers can reap significant rewards by providing the units with contemporary finishes and marketing to the ever-growing luxury market in Carroll Gardens. Multi-bedroom units are a particularly sought-after commodity in the area due to their infrequent occurrence in traditional townhouses.

On Clinton Street, between Union and Sackett Streets, a row of architecturally unique homes lines the block. Unlike the traditional townhouses, these distinct, steel-and-masonry construction buildings are immense, offering sprawling apartments in multi-unit configurations. 387 Clinton Street is one of these unique properties. 387 is the only one to be comprised of eight vast, three & four-bedroom/two-bathroom residential units, and one medical office space (use group 4).

The building is situated in the northern section of Carroll Gardens, placing the property one block from Historic Cobble Hill and two blocks from the Columbia Street Waterfront District. From those areas, Brooklyn Bridge Park, the Brooklyn Promenade, both the Brooklyn and Manhattan Bridges, and the ever-trendy Brooklyn Heights and DUMBO are all within reach. As a neighborhood of its own, Carroll Gardens has a distinct feeling of community and a rich local culture, comprised of high-end boutique retailers and artisans, gourmet dining establishments, and many education options for people of all ages.

As is, the property is a strong investment. Carroll Gardens is an ideal place for high-end rentals and luxury condominium units, and the building needs only minimal finish work to fully capture that market. The community space in the basement and spectacular roof vistas provide opportunities to expand income and enrich the buildings amenities.