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

Property Image
SOLD
$1,775,000
DJ Johnston
Jermaine Pugh

New York

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MultiFamily3,078 SF
Sold 09/04/2025
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Property Image
SOLD

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

553 Morgan Avenue

See Similar Deals
MultiFamily3,078 SF
Sold 09/04/2025
DJ Johnston
Jermaine Pugh
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$576
Total Square Footage:3,078 SF
Transaction Type:Sale

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

DJ Johnston
Matthews
DJ Johnston
102 deals$493.3M volume(914) 584-7422
BROKER
Jermaine Pugh
Matthews
Jermaine Pugh
24 deals$86.1M volume(201) 850-0762
BROKER

Details

SOLD
IMAGE: DJ Johnston & Jermaine Pugh DATE: 9/4/2025 ADDRESS: 553 Morgan Avenue MARKET: Brooklyn ASSET TYPE: Multifamily BUYER: Berke Family SELLER: Sageer Family BROKERS: DJ Johnston (@DJ.Johnston_Matthews) & Jermaine Pugh (@JermainePugh_Matthews) - Matthews (@Matthews_CRE) SALE PRICE: $1,775,000 UNITS: 3 ~ PPU: $591,666 SF: 3,078 ~ PPSF: $576 NOTE FROM BROKER: DJ Johnston & Jermaine Pugh of Matthews REIS are pleased to announce the successful sale of 553 Morgan Avenue in Greenpoint, Brooklyn. The 100% free market 3-family was fully occupied, with significant upside potential through renovation and re-leasing at market rents. The sales price equates to a 4.15% cap rate on current rents and a 6.8% pro forma cap rate, accounting for renovation costs. Through an extensive marketing campaign, the listing generated over 20 competitive offers from both owner-users and investors. The property was ultimately acquired by an investor with an existing portfolio in the surrounding neighborhood. If you're considering buying or selling similar assets, or if you'd like to receive the detailed case study for this transaction, please call/text DJ Johnston at (914) 584-7422.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$94,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$6,306.20
Cash-on-Cash Return-1.27%
Monthly Debt Service$8,414.41
Annual Debt Service$100,972.87