Ji McNay Purchases Multifamily Property From Cohen Family At 641 Central Avenue For $2.6M

The property located at 641 Central Avenue is a multifamily asset situated in Brooklyn's South Bushwick area. The sale was completed for $2,600,000, with 8 units across a total of 5,000 square feet. This equates to a price per unit of $325,000 and a price per square foot of $520. The property was converted from a 4-family to an 8-family and has no history of rent regulation, and it was fully occupied at closing, generating an average rent of $60 per square foot.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $2,600,000
• Units: 8
• Square Footage: 5,000
• Price per Unit: $325,000
• Price per Square Foot: $520
• Buyer: Ji McNay
• Seller: Cohen Family
• Broker: DJ Johnston - Matthews
• Cap Rate: 7.25%

DJ Johnston represented the seller, facilitating the transaction between Ji McNay and the Cohen Family. The property was previously renovated and is located conveniently near the Wilson L-train, enhancing its desirability for tenants. It was noted that the average rent for the mix of 1 and 2 bedroom units ranged between $2,500 and $2,600 per month.