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Rahul Mehta Acquires Bushwick Multifamily For $1.4M With Brokers DJ Johnston, Thomas Donovan & Eugene Kim

367 & 371 Palmetto Street
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This MultiFamily property located in NY was sold for $1,400,000 over 1 year ago. The brokers of the deal were DJ Johnston, Thomas (Tom) Donovan, and Eugene Kim

The property at 367 & 371 Palmetto Street in Bushwick has been sold in a recent transaction. This multifamily asset consists of two 6-family walk-up buildings, totaling 12 units with a combined square footage of 7,875. The sale price for this property was $1,400,000, resulting in a price per square foot of $178.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $1,400,000
  • Address: 367 & 371 Palmetto Street, Bushwick
  • Market: Bushwick
  • Buyer: Rahul Mehta
  • Seller: Andrew Boisselle
  • Brokers: DJ Johnston, Thomas Donovan & Eugene Kim - B6 Real Estate Advisors
  • Units: 12
  • Price Per Unit: $116,667
  • Square Footage: 7,875
  • Price Per Square Foot: $178

The transaction was successfully completed with the assistance of brokers DJ Johnston, Thomas Donovan, and Eugene Kim from B6 Real Estate Advisors. The offering included ten occupied rent-stabilized units and two vacant units that had been unoccupied for the past ten years. The sales price of $1,400,000 implied a cap rate of 6.58%. For more information on similar transactions or to connect with the team, you can reach out to DJ Johnston at [email protected] or call/text 914-584-7422.

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Deals
  • Location
    367 Palmetto Street, Brooklyn, New York 11237, United States367 Palmetto Street, Brooklyn, New York 11237, United States
  • Sale Price
    $1,400,000$1,400,000
    $177 PPSF$177 PPSF
  • Area
    7,875 SF7,875 SF
  • Asset Type
    MultiFamilyMultiFamily
  • Parties
    3 Brokers, 2 Agencies3 Brokers, 2 Agencies

Agents

Thomas (Tom) Donovan

Thomas (Tom) Donovan

Deals37
Sold$448.1M

Agencies

B6 Real Estate Advisors

B6 Real Estate Advisors

Agency
Deals208
Volume$2.3B

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Deal Summary

SALE IMAGE: DJ Johnston, Thomas Donovan & Eugene Kim DATE: 09/06/2022 ADDRESS: 367 & 371 Palmetto Street MARKET: Bushwick ASSET TYPE: Multifamily BUYER: Rahul Mehta SELLER: Andrew Boisselle BROKERS: DJ Johnston (@B6RealEstate_JohnstonTeam), Thomas Donovan (@TeamDonovan_NYC) & Eugene Kim (@EugeneKim_B6) - B6 Real Estate Advisors (@B6RealEstate) SALE PRICE: $1,400,000 UNITS: 12 ~ PPU: $116,667 SF: 7,875 ~ PPSF: $178 NOTE FROM BROKER: Our team successfully sold 367 & 371 Palmetto Street in Bushwick. The offering consisted of two 6-family walk-ups - ten occupied rent stabilized units, and two vacant units that had been vacant for the last ten years. The sales price of $1,400,000 equated to $178 per sf and a 6.58% cap rate. If you own a similar building & would be curious to know how this transaction translates please connect with our team. DJ Johnston - [email protected] - 914-584-7422 (Call/Text)

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367 & 371 Palmetto Street

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