Updated Sep 5, 2024
Investment Property Realty Group Acquires Williamsburg Multifamily For $3M
724 Metropolitan Ave Brooklyn, NY 11211, USA
$3,000,000
$526/SF
Building Size
5,700 SF
Asset Type
MultiFamily
Closing
Jun 8, 2023
About this deal
AI
The multifamily property located at 724 Metropolitan Avenue in Williamsburg, Brooklyn has been sold for a total of $3,000,000. The property consists of 6 units, with an average price per unit of $500,000. The total square footage of the property is 5,700, resulting in a price per square foot of $526. The transaction took place on June 8, 2023.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $3,000,000
- Units: 6
- Price per Unit: $500,000
- Square Footage: 5,700
- Price per Square Foot: $526
- Address: 724 Metropolitan Avenue, Williamsburg, Brooklyn
- Market: Williamsburg, Brooklyn
The sale of this property was facilitated by a team of brokers from Investment Property Realty Group (IPRG). Derek Bestreich, Luke Sproviero, Donal Flaherty, Corey Haynes, Thomas Ventura, and Sal Monteverde represented the buyer and/or seller in this transaction. Notably, the building was delivered with 5 out of 6 apartments vacant at the time of the sale.
Players
New York 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
5.29%
Cash-on-Cash
-1.51%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93