This Park Slope 1-bedroom is asking $240,000 less than the neighborhood median for a 1-bedroom, and is located steps from Prospect Park.
Park Slope has tremendous appeal, offering historic brownstones, proximity to Prospect Park and easy access to the many cultural destinations surrounding Grand Army Plaza. Those perks, however, can come with a high price tag. That’s where our Deal of the Week comes in. It’s a classic Park Slope 1-bedroom located in a beautiful limestone multifamily at 306 Garfield Place, just steps from the park. Although the home could use some TLC, the price and location are hard to beat.
The Price: $435,000
The median asking price for a Park Slope 1-bedroom is $675,000 — some $240,000 above the asking price for our Deal of the Week.
Buyers who put down the 20% minimum down payment of $87,000 can expect to see monthly payments of approximately $2,330. This includes a mortgage payment of $1,730 and a maintenance fee of $600. If you’re on the fence about whether to rent vs. buy, consider this: the monthly payments at this place are less than the median monthly rent for a Park Slope 1-bedroom, which is $2,650.
Why You’ll Love It …
If you’re looking for a property with renovation potential, this could be a good option. The apartment sits on the fourth floor of a nine-unit barrel-front limestone building and comes with great bones and plenty of historic character. Many of the original details are in place, including hardwood floors, crown moldings and charming arched entryways. In the living room, there’s a stunning bay window overlooking Garfield Place. Throughout the apartment, high ceilings and tall windows offer ample sunlight and create an airy, spacious feel.
Historic details aside, the unit definitely needs updates in the kitchen and bathroom. For either DIY renovators or those looking to assemble a team of professional renovators, the property offers a great blank slate.
The apartment is located a pet-friendly co-op that offers a laundry room and bike storage. The park is just up the block, and the 2 and 3 trains are easily accessible at Grand Army Plaza. The beloved local shops and restaurants of 7th Avenue, including the Park Slope Food Co-op, are located two blocks down the hill.
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… And Why You Might Not
Of course, if you’re looking for something that’s move-in ready, this apartment does not fit the bill. The kitchen and bathroom both need work — there’s not even a fridge in the kitchen right now. Plus, there really isn’t a lot of closet space, besides the two closets in the entrance to the bathroom. But if you’re ready to take the leap on homeownership and renovation, this charming 1-bedroom could be yours for less than the cost of renting.
Check out the listing at 306 Garfield Place #4F, listed by Paul Paglia of Garfield Realty.
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