Ariel Property Advisors Sells Multifamily Building In Bushwick For $1.6 Million, Projected 4.5% Cap Rate

November 14, 2018 From Ariel Property Advisors

1420 DeKalb Ave. Photos courtesy of Ariel Property Advisors

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Ariel Property Advisors has facilitated the sale of 1420 Dekalb Avenue, a value-add multifamily building in the popular Brooklyn neighborhood of Bushwick. The property sold for $1.6 million, which translated into $340 per square foot and a projected cap rate of 4.5%.

The 6-unit residential building, which totals 4,700 square feet, is located between Wilson and Knickerbocker Avenues. Three of the apartments were delivered vacant. The property, owned by the same entity for 15 years, was very well-maintained.

Exclusive agents Daniel Tropp and Jonathan Berman represented the seller, an out-of-state landlord, and procured the buyer, a private investor.

“The pricing metrics speak volumes about this property’s high level of desirability,” said Daniel Tropp, Director at Ariel Property Advisors. “The new owner acquired an attractive value-add asset in one of the borough’s fastest growing sub-markets and it will benefit over the long-term from the L train repairs.”

Conveniently situated blocks from the Kosciuszko Street J, Z station, Central Avenue M station, and the Dekalb Avenue L train station, the asset is sheltered from the temporary shutdown of the L train in 2019 but will still benefit from its eventual resurgence. Nearby neighborhood attractions include Maria Hernandez Park, Dweebs coffee, and a Blink gym.