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Posted: April 11, 2011
Fotis and Riney of Marcus & Millichap sell 8-unit building: $850,000
According to Marcus & Millichap Real Estate Investment Services, the firm has completed the sale of 293 Stuyvesant Ave., an eight-unit apartment building. The sales price was $850,000. The sales price reflects $69.90 per s/f, a pro forma capitalization rate of 10.17% and a pro forma gross rent multiplier of 5.93.
Matthew Fotis and Shaun Riney, investment specialists in Marcus & Millichap's Brooklyn office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a limited liability company, was also secured and represented by Fotis and Riney.
"293 Stuyvesant Avenue is a very large eight-unit apartment building, located just outside of the Stuyvesant Heights Historic District, in an appreciating enclave of Bedford Stuyvesant. The 38-foot wide property, built in 1910, features large seven-room apartments with original details, totals over 12,000 square feet and was delivered with four vacancies. There were 23 written offers on the property within the first 21 days of marketing and the deal closed in an all-cash transaction at the full asking price within 60 days after Marcus & Millichap was hired to execute on the seller's behalf. The buyers plan to revitalize the property, taking full advantage of the large amount of square footage available to reposition the building and increase their return on investment," says Riney.
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