Ariel Property Advisors sells 6-unit multifamily building in Bushwick for $1.49 million

November 20, 2017 From Ariel Property Advisors
Photo courtesy of Ariel Property Advisors
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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.

“The ideal location of this property offers a golden opportunity, providing the new buyer with a rare value-add opportunity in one of Brooklyn’s most popular neighborhoods,” said Daniel Tropp, Director at Ariel Property Advisors.

The asset is positioned near an abundance of neighborhood attractions, such as Milk & Pull, Molasses Books, and Maria Hernandez Park. The property also enjoys numerous transportation options, with the Knickerbocker Avenue M station and the Dekalb Avenue L station situated just blocks away.

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