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Cras Family Acquires Williamsburg Multifamily For $9.75M

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SOLD
$9,750,000

New York

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MultiFamily6,500 SF
Sold 09/13/2023
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Property Image
SOLD

Cras Family Acquires Williamsburg Multifamily For $9.75M

117 North 4th Street

See Similar Deals
MultiFamily6,500 SF
Sold 09/13/2023
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Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$1,500
Total Square Footage:6,500 SF
Transaction Type:Sale

The multifamily property located at 117 North 4th Street in Williamsburg, Brooklyn has been sold for a final price of $9,750,000. The property consists of 8 units, with each unit having a price per unit of $1,218,750. The total square footage of the property is 6,500, resulting in a price per square foot of $1,500.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $9,750,000
  • Units: 8
  • Price per Unit: $1,218,750
  • Square Footage: 6,500
  • Price per Square Foot: $1,500
  • Address: 117 North 4th Street, Williamsburg, Brooklyn

The buyer of the property is the Cras Family, while Joseph Sutton served as the seller. The transaction was facilitated by Michael Sherman of Baseline Real Estate Advisors, who represented Joseph Sutton as his broker in the deal.

Players

Michael Sherman
45 deals$785.1M volume(631) 235-9741
BROKER

Jeff Sutton
Wharton Properties
56 deals$5.5B volume(212) 573-9001
BROKER

Jeff Sutton
56 deals$5.5B volume
SELLER

Details

SOLD
IMAGE: Joseph Sutton & Michael Sherman DATE: 09/13/2023 ADDRESS: 117 North 4th Street MARKET: Williamsburg, Brooklyn ASSET TYPE: Multifamily BUYER: Cras Family SELLER: Joseph Sutton BROKER: Michael Sherman - Baseline Real Estate Advisors (@Baseline_REAdvisors) SALE PRICE: $9,750,000 UNITS: 8 ~ PPU: $1,218,750 SF: 6,500 ~ PPSF: $1,500

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$520,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$34,639.68
Cash-on-Cash Return-1.27%
Monthly Debt Service$46,219.97
Annual Debt Service$554,639.69