MAGELLAN -a 8 storey new condo bldg in up and coming Midwood, Brooklyn. Midwood has a rich pre-Hollywood film making history and part of the Victorian Historical area. Flatbush and Midwood was originally one- deemed by New York Magazine as the most diverse area in the world, a true jewel of Harmony. 12 2BR 2 Baths new condo units, avg 1200 net sf per unit-Avg Mkt Price $700/sf,CC plus r.e. tax=$300/mth. 1 Community Facility 3212 sf on ground flr. 7 Ind. Parking Spots. 2 private Terraces on roof top for sale. Possible Net income is $330K/yr CAP RATE 4.7% Final CO obtained Oct. 2018. 6 yrs tax abatement high ceiling, hard eng. wood fl, granite kitc. top. Grass Roof w/ 360 city views for yoga, picnics, star gazing. *Large Window, wide gorgeous Skyline Views, sunlight in every rm**Spacious Layout **2 Balconies, Tall Bathtub***Midwood straddles the important Victorian Historical District- over 2000 historical houses** May be well positioned geographically for price growth from N.Bklyn expensive pricing** CENTRALLY located to all highways, transportation, retail, eateries. Midwood is attractive based on possible buyer demographics shift from N.Bklyn, its pre-Hollywood history, similar subway convenience, next in line on possibly being price influenced.
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