BHS Acquires 6-Unit Multifamily Building In Ocean Hill For $4.2M

The Johnston Team of B6 Real Estate Advisors has successfully closed 750 MacDonough Street, a multifamily property located in Ocean Hill, Brooklyn. The property consists of 6 units with a total square footage of 5,500. The sale price for this transaction was $4,175,000, resulting in a price per unit of $695,833 and a price per square foot of $759.

Summary of transation details

• Property Type: Multifamily
• Transaction Amount: $4,175,000
• Address: 750 MacDonough Street, Ocean Hill, Brooklyn
• Market: Ocean Hill
• Seller: Yehuda Cohen
• Buyer's Representative: Ari Harkov - BHS
• Seller's Representative: DJ Johnston - B6 Real Estate
• Total Units: 6
• Price per Unit: $695,833
• Total Square Footage: 5,500
• Price per Square Foot: $759

The building at 750 MacDonough Street underwent a complete gut renovation and now offers a well-designed and high-quality rental product. The majority of the units feature 2-3 bedroom layouts, with some ground floor and top floor duplexes. The buyer in this transaction was represented by The Harkov Team of BHS.

According to B6 Real Estate, the sales price achieved for this property represents a price per square foot of $760 (above grade) and a price per unit of $700,000. The cash flow coming out of the pandemic suggests a 4.5% Cap Rate, with potential for improvement as leases turn over. The proforma reflects a 5% Cap Rate against market rents today. The Johnston Team of B6 Real Estate Advisors has a track record of selling nearly 300 properties in the Bed-Stuy, Bushwick, and Crown Heights neighborhoods, providing owners with free property valuations and research reports.

If you own a property in this submarket, you can leverage the experience and research of B6 Real Estate to approach 2022 with confidence. You can contact DJ Johnston at 914-584-7422 or [email protected] for assistance.