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Brokerage
Posted: May 9, 2008
Fridman of Barcel Group handles 36-unit, 2282 Ocean Ave. sale: $5.25m
The Barcel Group has completed the sale of 2282 Ocean Ave. located in the Midwood neighborhood. The 36-unit elevator apartment building sold for $5.25 million or $145,833 per unit. The transaction price reflects a gross rent multiple of 11.77 and a capitalization rate of 5.8%.
The sellers, Argus Realty have owned the property for over 20 years. It is located on Ocean Ave. between Aves. R and S where it is surrounded by similar apartment buildings and near public transportation. The building is in great condition and the average rent per apartment is $1,031.
The buyer, Frey Management purchased the building after a 10 year hiatus from new real estate investments. The close proximity to properties Frey Mgmt. already owns, the good condition of the building and opportunity for upside in the rents make this an ideal investment for the purchaser.
Marcel Fridman, vice president and co-founder of the Barcel Group represented the buyer and seller.
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