Two walk-up, multifamily buildings at 881-887 5th Avenue, located on the east side of 5th Avenue between 38th and 39th Streets in Brooklyn’s Sunset Park neighborhood, were sold in an all-cash transaction valued at $4,315,000.
Each building is four-stories and together total approximately 20,000 square feet. Together, there are 34 residential units and 4 commercial units, of which, 19 are rent stabilized, 6 are free-market and 1 is rent controlled. The buildings are located within close proximity to public transportation and the Greenwood Cemetery. The sale price equates to approximately $215 per square foot or a 7.27% cap rate.
“The sale of these two adjoining buildings demonstrates the strong demand investors have for a stable return in growing neighborhoods,” said Massey Knakal Vice President of Sales Mark Lively who exclusively represented the seller with Director of Sales Brendan Maddigan.
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Neighborhoods: Sunset Park/ Agents: Brendan Maddigan, Mark Lively