Riney and Bestreich of Marcus & Millichap handle $800,000 sale of eight-unit apartment building

Marcus & Millichap Real Estate Investment Services has completed the sale of 236 New York Ave., an eight-unit apartment building, according to John Horowitz, a regional manager at the firm. The asset commanded a sales price of $800,000 which represented approximately $94.79 per s/f, an 8.10 gross rent multiplier and a 5.95 percent capitalization rate. Shaun Riney and Derek Bestreich, investment specialists at Marcus & Millichap, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured and represented by Riney and Bestreich. "We received 12 non-contingent offers in writing in an extensive 45 day marketing campaign and ultimately ended up closing with a local Crown Heights family that closed all-cash on the property very close to the asking price," said Riney. "Significant pent up demand for Brooklyn investment property, coupled with all-time low interest rates, is resulting in sellers achieving very favorable prices" said Bestreich. With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 5,085 transactions in 2011, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry's most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.