Tyler of Marcus Millichap arranges $890,000 sale of 8-unit multifamily

Marcus & Millichap has completed the sale of an eight-unit multifamily property, located at 517 53rd St. for $890,000. The sale price reflects $135 per s/f, a capitalization rate of 4.48% and a gross rent multiplier of 13. Mark Tyler of Marcus & Millichap represented both the seller and the buyer in this transaction. "Investors are buying in the Sunset section of Brooklyn because it is a desirable residential neighborhood with many buildings currently performing poorly due to below market rents," said Tyler. Founded in 1971, Marcus Millichap is a national commercial real estate brokerage that focuses exclusively on real estate investments. In 2006, the firm closed $20.5 billion in transactions.