Highcap Group, arranged the sale of the building located at 614 Marlborough Rd. in the Ditmas Park neighborhood of the borough for $1.375 million all-cash. Goldflam represented the buyer, a local landlord, and the seller, a financial institution that took possession of the property after foreclosing on the debt of the previous owner.
The mid-block building was originally built in 1931 and is located on Marlborough Rd. between Newkirk Ave. and Foster Ave. The four-story walk-up mixed-use structure consists of 5,750 gross s/f and has eight two-bedroom apartments. The property was sold with a few vacancies and presents an excellent repositioning opportunity for the buyer to upgrade the building and the tenancy. The building is located within one block of the B and Q subways.
The property sold for $1.375 million which represents a sales price of $239 per s/f, 11.7 times the gross rent roll and a 5.8% capitalization rate.