Pena of Berko & Associates negotiates $4.5 million sale

Agustin Pena, director of investment sales, at Berko & Associates has negotiated the sale of 482-510 Riverdale Ave. for $4.5 million. The buildings combined have 40 units and according to Pena, the investment transpired primarily due to the strong cash flow of the assets. "With a gross rent multiple of six, a 9% capitalization rate and record low interest rates, the buyers are anticipating a 14% IRR," said Pena. Berko & Associates is a multi-disciplinary real estate brokerage firm that specializes in investment sales, finance and advisory of commercial properties.