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Brokerage
Posted: December 5, 2008
Gault and Klein of East Coast Rlty. sell mixed-use building for $650,000
East Coast Realty, a newly formed commercial and investment brokerage firm, was the sole broker on the sale of 216 Main St.
The mixed-use building which consists of two retail stores and two residential units was sold for $650,000 in an all cash transaction that represented a 7.5% cap rate.
Garry Klein a principal of East Coast Realty said, "This was a terrific opportunity for a local investor to own in his own backyard. The building is extremely well located, in excellent condition and represented good value even in today's uncertain market."
East Coast Realty was formed by veteran real estate professionals Jeffrey Gault and Klein. They have 50 years of combined experience in real estate brokerage, property acquisition, property management, and creative financing strategies.
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