4 bldgs, 75 apartments in Crown Heights for $17.5M

whynot_31 · July 2015

FOR SALE
By Yona Edelkopf

Crown Heights, Brooklyn
Four Building Package

Hi Whynot_31

Yona Edelkopf is pleased to announce a four building package in Crown Heights consisting of 75 apartments. Each building is four stories and consist of mostly rent stabilizied tenants presenting high upside. Assuming you can turnover the preferential leases, the building is being sold at a 5.45% cap rate.

70,711 total built Sf
$987,886 actual income
$1,190,004 LEGAL rent roll
3.8% current cap rate
5.45% pro forma cap rate

Asking price $17,500,000

The property’s prime location also offers the following benefits:
Strong rental market for young families.
Apartment prices are up more than 50% from a year ago and rents are rising at the fastest pace in Brooklyn.
All four buildings are located within couple blocks from a subway.

I look forward to working with you. Please do not hesitate to contact me with questions.

Sincerely,

Yona Edelkopf

Yona Edelkopf
CEO
Epic Commercial Realty
580 Broadway, Suite 1107
New York, NY 10012
Phone: (646) 278-4614(646) 278-4614
Fax: (845) 504-4123
email: [email protected]
www.epic-cr.com

This message was sent to xxxxx from:
Yona Edelkopf | [email protected] | Epic Commercial Realty | 580 Broadway Suite #1107 | New York, NY 10012
Email Marketing by

Unsubscribe

whynot_31 · July 2015

Readers, do you recognize any of the buildings? Addresses please...

pragmaticguy · July 2015

Most buildings are sold at about seven times rent roll. At best an owner hopes to get ten. They're asking 17 times. I can't see them selling for this amount. Four buildings across from my office with about the same number of apartments went for less than $7 million according to what I heard and that was only about 18 months ago.

whynot_31 · July 2015

I agree, these prices are high.

If they sell at this price, the new owner will have to significantly increase rent roll to recoup their investment in a timely manner.

Seems like the current tenants will likely be moved out through legal and/or illegal means.

4 bldgs, 75 apartments in Crown Heights for $17.5M

Comments

Howdy, Stranger!

Categories