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The four-story walk-up apartment building sold for $550,000. It consists of eight 2-bedroom units averaging approximately 818 square feet each. The building is 7,700 square feet and is situated on a 2,500-square-foot lot. The cap rate is 12.65%.

 

The building has recently undergone renovations, including a new boiler and electric upgrades. The property is located within a three minute walk of the 5 train at the Freeman Street stop.

 

For more information about this property, please contact Richard Guarino at (646) 253-0909 orrguarino@ergpa.com or Michael Guarino Jr. at (646) 253-0908 or mguarino@ergpa.com.

 

About ERG Property Advisors

ERG Property Advisors is a full-service commercial brokerage company based in New York City. Its core activities are investment sales, retail leasing, and strategic consulting. While focused on the broader New York City area as a company, ERG also offers specific market knowledge at the submarket level. Beyond core New York City properties, ERG has access to a vast network of NNN properties throughout the United States. In addition to assisting property owners and prospective buyers, ERG provides banks, appraisers, attorneys, and accountants with information and skill sets that support them in their respective roles.  Visit www.ergpa.comfor recent deals and press coverage.