SOLD
Astral Properties Acquires 8-Unit Multifamily In Bedford Stuyvesant For $3.35M
215 Ralph Avenue
MultiFamily
6,760 SF
6,760 SF
Sold 1 year ago
Summary
Sale
NEW YORK
MultiFamily
6,760 sqft
215 Ralph Ave, a multifamily property located in Bedford Stuyvesant, Brooklyn, has been sold for $3,350,000. The building features 8 units, with an average price per unit of $418,750. The total square footage of the property is 6,760, resulting in a price per square foot of $495. The sale was finalized on June 24, 2022, and the property achieved a cap rate of 5.37%.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $3,350,000
- Units: 8
- Price per Unit: $418,750
- Square Footage: 6,760
- Price per Square Foot: $495
- Cap Rate: 5.37%
Astral Properties purchased 215 Ralph Ave from Matthew & Seth Weissman. The transaction was facilitated by DJ Johnston from B6 Real Estate Advisors. The buyer's investors were particularly concerned about having proper paperwork to support the "Free Market" status of the property. The seller's thorough data collection and preparation resulted in a 10% premium for the sale. For more information or if you have any specific questions about this transaction, you can contact DJ Johnston at 914-584-7422 or [email protected].
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2
Agents
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Agencies
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Details
SOLD
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 [email protected]View on map
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Address215 Ralph Avenue
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