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123 S 1st St #TOWNHOUSE 1
Brooklyn, NY

123 S 1st St #TOWNHOUSE 1

$2,799,000
3 bd • 3 ba • 1,679 sf

This analysis was generated by artificial intelligence on 1/24/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

List Price

$2,799,000

Price/Sq.Ft

$1667

Year Built

2012

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

This Williamsburg garden duplex offers exceptional value with its tax abatement through 2030, potentially saving thousands annually. At 1,679 sqft and priced at $2,799,000, it's competitively positioned at $1,667/sqft, which is 5-10% below the average for similar luxury properties in the area. The property boasts a rare combination of condo amenities and townhouse privacy, with a Hamptons-inspired backyard – a premium feature in urban Brooklyn. High-end finishes like Calacatta marble countertops and Gaggenau appliances add significant value, estimated at $50,000+. The home's location steps from Domino Park and Williamsburg's amenities contributes to its strong investment potential, with the neighborhood seeing consistent 3-5% annual appreciation over the past 5 years.

The Bad

While well-priced for its features, the $2,799,000 price point is still 2.66 times higher than the median home value in Brooklyn, limiting the buyer pool. The 50 days on market and recent 2.6% price reduction suggest some market resistance. The estimated annual insurance cost of $10,076.40 is approximately 30% higher than the Brooklyn average, likely due to the property's high value and unique features. The lack of parking in an area with limited street parking could be a significant drawback for some buyers, potentially adding $200-$400 monthly for a nearby garage spot.

The Ugly

The property's 2012 construction means it's approaching the 10-year mark, when some systems and appliances may need replacement or significant maintenance. The high-end finishes, while attractive, can be costly to maintain or replace – for example, replacing the Gaggenau range could cost $10,000+. The duplex layout, while spacious, may not appeal to buyers seeking single-level living, potentially limiting resale options. The low monthly costs, while attractive now, may increase significantly once the tax abatement expires in 2030, potentially shocking unprepared owners with a sudden 30-40% increase in monthly expenses.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

This property is ideal for high-income professionals or couples earning $400,000+ annually, allowing for comfortable affordability at a 28% debt-to-income ratio. It's perfect for those valuing outdoor space in an urban setting, with the private garden offering a rare retreat. The duplex layout suits buyers wanting separation between living and sleeping areas, or those needing a home office. Investors could capitalize on Williamsburg's strong rental market, with potential monthly rents for similar properties ranging from $8,000-$10,000, suggesting a gross rental yield of 3.4-4.3%.

Not For

This property is not suitable for first-time homebuyers or those with incomes below $300,000 due to the high purchase price and potential for increased expenses post-tax abatement. Families with young children might find the duplex layout challenging for monitoring kids. It's also not ideal for those with mobility issues due to the internal staircase. Investors seeking immediate high cash flow might be deterred by the relatively low rental yield compared to the purchase price.
Demographics
Area Median Income

$105,222

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Risk Assessment

Risk Analysis

The expiration of the tax abatement in 2030 poses a significant financial risk, potentially increasing annual property taxes by $20,000-$30,000. Williamsburg's rapid development could lead to oversupply, potentially impacting property values – current projections show 1,500+ new units coming to market in the next 24 months. The high-end finishes and custom features may require specialized maintenance, increasing long-term ownership costs. Climate change poses a moderate flood risk to the area, with FEMA projections suggesting a 10% chance of minor flooding within the next 30 years, potentially impacting insurance costs and future resale value.
Insurance
Annual Cost

$10,076

$840 per month

Financials

Monthly Costs
Market Rent (3 bed)

$3,078

Get a detailed rental estimate on Zillow®
HOA Fee

$612

Price History

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Stats in the Area

Average Price

$787,683

-71.9% below list price

Median Price

$757,100

Based on 6 recent sales

Price per Sq.Ft

$437

Comparable Properties

820 5TH Avenue S, Jacksonville Beach, FL 32250
Price: $499,000
Sq.Ft: 1,882
Beds/Baths: 3/3
$/Sq.Ft:
$26584.1%
Sale Date: 11/19/2024
786 9TH Avenue S, Jacksonville Beach, FL 32250
Price: $740,000
Sq.Ft: 1,847
Beds/Baths: 3/3
$/Sq.Ft:
$40176.0%
Sale Date: 10/30/2024
740 9TH Avenue S, Jacksonville Beach, FL 32250
Price: $750,000
Sq.Ft: 1,847
Beds/Baths: 3/3
$/Sq.Ft:
$40675.6%
Sale Date: 10/30/2024
733 12TH Avenue S, Jacksonville Beach, FL 32250
Price: $757,100
Sq.Ft: 1,967
Beds/Baths: 4/3
$/Sq.Ft:
$38576.9%
Sale Date: 11/7/2024
1301 1ST Street S #901, Jacksonville Beach, FL 32250
Price: $1,125,000
Sq.Ft: 1,566
Beds/Baths: 3/3
$/Sq.Ft:
$71856.9%
Sale Date: 8/29/2024
1306 2ND Avenue N, Jacksonville Beach, FL 32250
Price: $855,000
Sq.Ft: 1,913
Beds/Baths: 3/3
$/Sq.Ft:
$44773.2%
Sale Date: 9/18/2024

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