137 Avenue C
A 4,000-square-foot, four-story brick building with six apartments and a ground-floor restaurant. The rentals and commercial space generate an annual rent of $151,594.
At the Auction
Pre-auction asking price $3.2 million (summer 2008)
Starting bid: $1.45 million
Not much action, with the highest bid tipping slightly over $1.6 million, much less than the $2.5 million reserve.
What the Experts Say
“Generally speaking, with income-producing properties, [the price] is at ten or twelve times the rent roll,” explains Rosenblatt. Translation: $1.6 million is a decent offer.