Ariel Property Advisors sells 6-unit multifamily building in Bushwick for $1.49 million
Photo courtesy of Ariel Property Advisors
Ariel Property Advisors facilitated the sale of 231 Stanhope Street, a multifamily building in the rapidly appreciating Brooklyn neighborhood of Bushwick. The 6-unit property sold for $1.49 million.
Based on the as-is income, the sale equates to a 2.3% capitalization rate, a reflection of limited supply and strong demand for value-add opportunities. The 3-story building, which spans 4,875 square feet, is located between Irving and Knickerbocker Avenues, a highly sought-after area in the flourishing neighborhood. Of the six residential units, two were delivered vacant.
Exclusive agents Daniel Tropp and Jonathan Berman represented the owner.