GFI Realty Services Inc. has brokered the sale of 591 Franklin Ave., aka 1126 Pacific St., a listing in the Prospect Heights section for $1.4 million, which translates to seven times the rent roll. The four-story walk-up apartment building consists of ten three-bedroom apartments and two stores totaling 11,760 s/f. Shlomo Antebi and Joseph Landau were the brokers.
"This building which has two vacant commercial units as well as three vacant apartments was sold in an all cash transaction," said Shlomo Antebi. "The buyer is very excited about owning a mixed-use property in Prospect Heights, a neighborhood that is continually upgrading. He plans to make major capital improvements to get market rate rents for the vacant stores and apartments."
This multifamily apartment building was built circa 1910 and is located near the A, C subway trains and in close proximity to Prospect Park, Medgar Evers College and the Brooklyn Botanic Gardens. Tags: