The Johnston Team of B6 Real Estate Advisors has successfully sold a vacant 8-unit rental building located at 244 Madison Street in the Bedford-Stuyvesant neighborhood of Brooklyn. The walk-up building, which was 28’ wide and 82’ deep, features middle and rear air shafts and spacious 3-bedroom layouts. Although the building underwent a renovation in 2012, it was in need of further improvements. The large and unused basement provides the buyer with the opportunity to create duplex units or convert it into common or storage space.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $4,050,000
• Address: 244 Madison Street, Brooklyn
• Market: Bedford-Stuyvesant, Brooklyn
• Buyer: Ronen Ben-Josef
• Seller: Matthew Wright
• Broker: DJ Johnston - B6 Real Estate Advisors

The property was sold for $4,050,000, reflecting a cap rate of approximately 5% based on the current condition of the property's net operating income. There is potential to increase returns by implementing improvements. The building encompasses a total of 8,500 square feet, resulting in a price per square foot of $476. Each of the 8 units has a price per unit of $506,250.

If you are an owner of a property in the Bed-Stuy, Bushwick, or Crown Heights neighborhoods, the Johnston Team can provide free property valuations and research reports to help you plan for the future with confidence. DJ Johnston from B6 Real Estate Advisors can be contacted at 914-584-7422 or [email protected].