SOLD
Ronen Ben-Josef Acquires 8-Unit Multifamily Building In Bedford-Stuyvesant For $4.05M
244 Madison Street
MultiFamily
8,500 SF
8,500 SF
Sold 1 year ago
Summary
Sale
NEW YORK
MultiFamily
8,500 sqft
The Johnston Team of B6 Real Estate Advisors has successfully sold a vacant 8-unit rental building located at 244 Madison Street in the Bedford-Stuyvesant neighborhood of Brooklyn. The walk-up building, which was 28’ wide and 82’ deep, features middle and rear air shafts and spacious 3-bedroom layouts. Although the building underwent a renovation in 2012, it was in need of further improvements. The large and unused basement provides the buyer with the opportunity to create duplex units or convert it into common or storage space.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $4,050,000
- Address: 244 Madison Street, Brooklyn
- Market: Bedford-Stuyvesant, Brooklyn
- Buyer: Ronen Ben-Josef
- Seller: Matthew Wright
- Broker: DJ Johnston - B6 Real Estate Advisors
The property was sold for $4,050,000, reflecting a cap rate of approximately 5% based on the current condition of the property's net operating income. There is potential to increase returns by implementing improvements. The building encompasses a total of 8,500 square feet, resulting in a price per square foot of $476. Each of the 8 units has a price per unit of $506,250.
If you are an owner of a property in the Bed-Stuy, Bushwick, or Crown Heights neighborhoods, the Johnston Team can provide free property valuations and research reports to help you plan for the future with confidence. DJ Johnston from B6 Real Estate Advisors can be contacted at 914-584-7422 or [email protected].
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Details
SOLD
IMAGE: DJ Johnston
DATE: 12/30/2021
ADDRESS: 244 Madison Street
MARKET: Bedford-Stuyvesant, Brooklyn
ASSET TYPE: Multifamily
BUYER: Ronen Ben-Josef
SELLER: Matthew Wright
BROKER: DJ Johnston (@B6RealEstate_JohnstonTeam) - B6 Real Estate Advisors
SALE PRICE: $4,050,000
UNITS: 8 ~ PPU: $506,250
SF: 8,500 ~ PPSF: $476
NOTE FROM BROKER: The Johnston Team has successfully sold 244 Madison Street, a vacant 8-unit rental building in Bed-Stuy, Brooklyn. This walk-up building was 28’ wide & 82’ deep, offering middle & rear air shafts with large 3-bedroom layouts. The building was renovated in 2012, but certainly needed a face-lift. The basement was large & unused, offering the buyer an opportunity to duplex or convert to common / storage space.
The sales price of $4,050,000 reflects a cap rate of roughly 5% on current condition NOI, with the ability to increase returns via improvements. The price per SF is $475 & the price per unit is $500,000.
Our team has sold nearly 300 properties in the Bed-Stuy, Bushwick, & Crown Heights neighborhoods, & we help 100's of owners ever year plan for the future in the way of free property valuations & research reports. If you own a property in this submarket, please don't hesitate to leverage our experience so you can approach 2022 with confidence.
Best,
DJ - 914-584-7422
[email protected]View on map
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Address244 Madison Street
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