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648 6th Avenue

Cheng Family Purchases Multifamily Property From Gerena Family In Greenwood Heights For $1.2M
SOLDMultiFamily

Cheng Family Purchases Multifamily Property From Gerena Family In Greenwood Heights For $1.2M

648 6th Avenue

$1,200,000

$310/SF

Building Size

3,862 SF

Asset Type

MultiFamily

Closing

Feb 26, 2025

AI

This multifamily property is located at 648 6th Avenue in the Greenwood Heights neighborhood of Brooklyn. The sale price was $1,200,000, and the asset comprises 6 units with a price per unit of $200,000. The total square footage of the property is 3,862, resulting in a price per square foot of $310. The building sold fully occupied, indicating strong demand and consistent rental income.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $1,200,000
  • Units: 6
  • Price Per Unit: $200,000
  • Square Feet: 3,862
  • Price Per Square Foot: $310
  • Buyer: Cheng Family
  • Seller: Gerena Family
  • Brokers: John Brennan & Bryan Ellis - Marcus & Millichap

The deal was facilitated by brokers John Brennan and Bryan Ellis, representing the seller and buyer, respectively. The transaction was notable for achieving a 6.22% cap rate, indicating a strong investment opportunity with potential for future income growth.

Players

John Brennan

Marcus & Millichap

Broker

$190.2M

vol

74 deals

Broker

Brooklyn MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

13.22%

Cash-on-Cash

-3.78%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93