Berke Family Acquires Multifamily Property From Sageer Family At 553 Morgan Avenue For $1.775M

553 Morgan Avenue is a multifamily property located in Brooklyn's Greenpoint neighborhood. This asset, consisting of 3 units, has a total square footage of 3,078 and was sold for a price of $1,775,000. The price per unit stands at $591,666, while the price per square foot amounts to $576.

Summary of transation details:

• Property Type: Multifamily
• Transaction Amount: $1,775,000
• Units: 3
• Square Footage: 3,078
• Price Per Unit: $591,666
• Price Per Square Foot: $576
• Buyer: Berke Family
• Seller: Sageer Family
• Brokers: DJ Johnston & Jermaine Pugh - Matthews
• Cap Rate on Current Rents: 4.15%
• Pro Forma Cap Rate: 6.8%

DJ Johnston and Jermaine Pugh of Matthews are credited with successfully managing the sale of this property. Their extensive marketing campaign attracted over 20 competitive offers from various parties, including both owner-users and investors, ultimately resulting in a sale to an investor with an existing portfolio in the surrounding area.