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215 Ralph Avenue

The Multi Family property located in New York that spans 6,760 square feet sold for $3,350,000 or $496 PPSF. The deal closed 3 months and 14 days ago. The broker of the deal was DJ Johnston

  • Location image 215 Ralph Avenue, Brooklyn, New York 11233, United States
  • Sold Value
    image $3,350,000
    image $496
  • Asset Type image Multi Family
  • Area image 6,760 SF
  • Parties image1 Broker,1 Agency
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DJ Johnston icon

B6 Real Estate Advisors
  • Deals 57
  • Volume $377,740,000
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Comparables: 215 Ralph Avenue

Showing 4 of 276

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Price Icon $3,100,000

  • StatusSOLD, $323 PPSF
  • Date09/21/22
  • Address55 Brooklyn Avenue, Brooklyn, New York 11216, United States
  • Address55 Brooklyn...
  • AssetMULTI FAMILY
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Price Icon $3,785,000

  • StatusSOLD, $421 PPSF
  • Date09/23/22
  • Address321 Malcolm X Boulevard, Brooklyn, New York 11233, United States
  • Address321 Malcolm...
  • AssetMULTI FAMILY
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Price Icon $2,850,000

  • StatusSOLD, $603 PPSF
  • Date08/19/22
  • Address1473 Bushwick Avenue, Brooklyn, New York 11207, United States
  • Address1473 Bushwick...
  • AssetMULTI FAMILY
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Price Icon $3,167,550

  • StatusSOLD, $660 PPSF
  • Date08/31/22
  • Address326 Cornelia Street, Brooklyn, New York 11237, United States
  • Address326 Cornelia...
  • AssetMULTI FAMILY
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This Deal on Social

SALE
IMAGE: DJ Johnston
DATE: 06/24/2022
ADDRESS: 215 Ralph Ave.
MARKET: Bedford Stuyvesant
ASSET TYPE: Multifamily

BUYER: Astral Properties (@AstralProperties)
SELLER: Matthew & Seth Weissman
BROKER: DJ Johnston (@B6RealEstate_JohnstonTeam) – B6 Real Estate Advisors (@B6RealEstate)

SALE PRICE: $3,350,000
UNITS: 8 ~ PPU: $418,750
SF: 6,760 ~ PPSF: $495
CAP: 5.37%

NOTE FROM BROKER: Our Team has successfully closed on 215 Ralph Avenue, a 100% free market 8-family in Bedford Stuyvesant Brooklyn. The sales price of $3,350,000, equates to an in-place cap rate of 5.37%, a price per SF of $495, and a price per unit of $418,000.

The 26′ x 65′ building underwent a substantial rehab in 2016 offering well designed 3-BR layouts, with average rents of $2,450. The major takeaway from this assignment is how important it is to have proper paperwork to support your “Free Market” status. All buyers will weigh DHCR risk differently, and we have a history of selling any situation, but this particular buyer had investors that wouldn’t settle for insufficient paperwork. Kudos to the seller for being prepared and thorough in their data collection, as it likely resulted in a 10% premium, and differentiated us from other 1031 properties. If you have any specific questions about this sale, or if you are curious how this translates to a property you own, please do not hesitate connecting with our team. 914-584-7422 DJohnston@b6realestate.com

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SALE
IMAGE: DJ Johnston
DATE: 06/24/2022
ADDRESS: 215 Ralph Ave.
MARKET: Bedford Stuyvesant
ASSET TYPE: Multifamily

BUYER: Astral Properties (@AstralProperties)
SELLER: Matthew & Seth Weissman
BROKER: DJ Johnston (@B6RealEstate_JohnstonTeam) – B6 Real Estate Advisors (@B6RealEstate)

SALE PRICE: $3,350,000
UNITS: 8 ~ PPU: $418,750
SF: 6,760 ~ PPSF: $495
CAP: 5.37%

NOTE FROM BROKER: Our Team has successfully closed on 215 Ralph Avenue, a 100% free market 8-family in Bedford Stuyvesant Brooklyn. The sales price of $3,350,000, equates to an in-place cap rate of 5.37%, a price per SF of $495, and a price per unit of $418,000.

The 26′ x 65′ building underwent a substantial rehab in 2016 offering well designed 3-BR layouts, with average rents of $2,450. The major takeaway from this assignment is how important it is to have proper paperwork to support your “Free Market” status. All buyers will weigh DHCR risk differently, and we have a history of selling any situation, but this particular buyer had investors that wouldn’t settle for insufficient paperwork. Kudos to the seller for being prepared and thorough in their data collection, as it likely resulted in a 10% premium, and differentiated us from other 1031 properties. If you have any specific questions about this sale, or if you are curious how this translates to a property you own, please do not hesitate connecting with our team. 914-584-7422 DJohnston@b6realestate.com

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Contact DJ Johnston

Mr. Johnston is a Partner, Senior Managing Directors at B6 Real Estate Advisors, where he oversees investment sales in Brooklyn’s...

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