1078 Kingston (corner of Park Place) goes from being worth $700k to asking $4.7M in just 2 years

In 2012, one could get this property for $700k

http://bktothefullest.blogspot.com/2012/04/crown-heights-corner-in-contract-1078.html

http://flateaurealty.com/mixeduse_details.aspx?propid=1573

After a lot of work, the property is now for sale for $4.7M:

"1078 Park Place - Crown Heights: The ~11,100 SF property is situated on the corner of Kingston Avenue and has been completely renovated with brand new kitchens, bathrooms, new windows, new hardwood floors, stainless steel appliances, custom cabinetry, new HVAC systems, new hot water heaters and all have video intercoms. The building will be delivered fully rented with free market unit status and rents averaging $50 per square foot with annual rent over $345,000.

Asking Price: $4,700,000"

http://www.terracrg.com/setups/1078_Park_Place.pdf

Impressive makeover sorta like the play "My Fair Lady"

The difference won't all be profit, but I suspect about a million of it will be.

Not a bad ROI.