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
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