Ariel Property Advisors Sells Multifamily Building In Bushwick For $1.6 Million, Projected 4.5% Cap Rate
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.
Brooklyn Boro
View MoreNew York City’s most populous borough, Brooklyn, is home to nearly 2.6 million residents. If Brooklyn were an independent city it would be the fourth largest city in the United States. While Brooklyn has become the epitome of ‘cool and hip’ in recent years, for those that were born here, raised families here and improved communities over the years, Brooklyn has never been ‘uncool’.