Berke Family Acquires Multifamily Property From Sageer Family At 553 Morgan Avenue For $1.775M
553 Morgan Avenue
$1,775,000
$576/SF
Building Size
3,078 SF
Asset Type
MultiFamily
Closing
Sep 3, 2025
AI
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.
Players
Brooklyn MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
8.94%
Cash-on-Cash
-2.55%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93