2226 MELROSE Street
About This Property
Beautifully renovated 5 bed, 2 bath home offering 1727 sq.ft. of masterfully updated living space. This classic 1945 build blends timeless charm with modern style. The warm designer colors, abundant natural light, and thoughtfully selected finishes create an inviting and elevated feel throughout.
Quality upgrades include new windows throughout, new ext. & int. doors, new trim, fresh int. & ext. paint, designer lighting, new LVP flooring in main areas, new carpet in bedrooms & upstairs living area, granite counters, new bathtubs, tiled showers, new plumbing fixtures, new toilets, new stainless-steel appliances (including refrigerator), washer & dryer combo, water heater & fresh landscaping. ALL appliances will stay!
Roof replaced approx. 4 to 5 years ago & mechanically sound with recent plumbing inspection & a fully serviced HVAC system.
The layout is also what makes this home shine! All 5 bedrooms are spacious with large closets. Downstairs features 2 of the bedrooms, a full bath, spacious kitchen with an island, 1 of the 2 living areas & a dining area. Upstairs, you'll find a large 2nd living area surrounded by 3 more bedrooms & another full bath.
Outside, the large backyard & its rear entry with alley access are highly attractive features. Theres plenty of room to construct a workshop, garage, carport or whatever your heart desires. Lastly, the amount of parking space is definitely a feature that makes this property really stand out from the competition. Lengthy driveway that will easily accommodate 4 to 5 large trucks or can be used for RV campers.
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Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.
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Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.
How is cap rate calculated?
Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017