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Carter Martin Acquires Multifamily Property On Van Buren Street For $4.78M In Bedford-Stuyvesant, Brooklyn

Property Image
SOLD
$4,780,000
Tom Reynolds
Steve Reynolds
+ 5

New York

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MultiFamily3,800 SF
Sold 10/02/2023
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Property Image
SOLD

Carter Martin Acquires Multifamily Property On Van Buren Street For $4.78M In Bedford-Stuyvesant, Brooklyn

550 Van Buren Street

See Similar Deals
MultiFamily3,800 SF
Sold 10/02/2023
Tom Reynolds
Steve Reynolds
+ 5
Contact now

Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$1,257
Total Square Footage:3,800 SF
Transaction Type:Sale

The multifamily property located at 550 Van Buren Street in Bedford-Stuyvesant, Brooklyn has been sold for a price of $4,780,000. This property consists of 8 units with an average price per unit of $597,500. The total square footage of the property is 5,825, resulting in a price per square foot of $821.

Summary of transation details

  • Property Type: Multifamily
  • Transaction Amount: $4,780,000
  • Units: 8
  • Price per Unit: $597,500
  • Square Footage: 5,825
  • Price per Square Foot: $821
  • Address: 550 Van Buren Street, Bedford-Stuyvesant, Brooklyn

Carter Martin has purchased the property from Yossel Lichtman. The transaction was facilitated by the brokers Derek Bestreich, Steve Reynolds, Tom Reynolds, Brian Davila, Noah Middlekauff, and Luke Sproviero of the Investment Property Realty Group (IPRG).

Players

Brian Davila
108 deals$283.4M volume(718) 360-8849
BROKER

Derek Bestreich
Investment Property Realty Group (IPRG)
312 deals$1.1B volume(718) 360-8802
BROKER

Luke Sproviero
Investment Property Realty Group (IPRG)
222 deals$848.7M volume
BROKER

Tom Reynolds
Investment Property Realty Group (IPRG)
98 deals$292.3M volume(718) 360-8817
BROKER

Steve Reynolds
Investment Property Realty Group (IPRG)
133 deals$364.4M volume(718) 360-8807
BROKER

Noah Middlekauff
Investment Property Realty Group (IPRG)
13 deals$37.8M volume(718) 360-8557
BROKER


28 deals$146M volume
BUYER

Details

SOLD
IMAGE: Derek Bestreich, Steve Reynolds, Tom Reynolds & Brian Davila DATE: 10/02/2023 ADDRESS: 550 Van Buren Street MARKET: Bedford-Stuyvesant, Brooklyn ASSET TYPE: Multifamily BUYER: Carter Martin SELLER: Yossel Lichtman BROKERS: Derek Bestreich, Steve Reynolds (@SteveReynoldsnyc), Tom Reynolds (@TomReynolds_CRE), Brian Davila (@Vills25), Noah Middlekauff (@NoahMiddlekauff_NY) & Luke Sproviero (@LukeSproviero) - Investment Property Realty Group (IPRG) (@IPRG_NY) SALE PRICE: $4,780,000 UNITS: 8 ~ PPU: $597,500 SF: 5,825 ~ PPSF: $821

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

$254,933.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$16,982.34
Cash-on-Cash Return-1.27%
Monthly Debt Service$22,659.64
Annual Debt Service$271,915.66