Prospect Heights' 870 Pacific Street marched triumphantly onto the for-sale market in November 2010, boasting studios through two-bedrooms with a townhouse feel but some new development-standard amenities. Prices ranged from $349,000 to $806,200 at the time, but no buyers appear to have shown an interest?the listings came off the market in early 2011. Then, late last week, the building made a quiet rental switch. There are now eight rental listings on offer at 870 Pacific, ranging from $2,200/month for a studio to $4,200/month for two of the available two-bedrooms.
If a purchase is really what you have in mind but you missed the window for an individual unit, don't worry?the entire building is up for grabs with an asking price of $6 million. The building has a 15-year tax abatement, always helpful for an owner, and a projected rent roll of $325,000. As the brokerbabble suggests, "With each unit separately metered, yearly expenses for the owner are projected to be around $13,000 for the entire building So do the math! Hold on to the building, rent for years and then down the line, sell off the condo units." Maybe the next owner will have better luck with that step.
· 870 Pacific Street [StreetEasy]
· Prospect Heights' 870 Pacific Street Hits the Market [Curbed]