GFI Realty trades Brooklyn 23-unit multifamily building for $3.250 million

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1113 Avenue O
GFI Realty announced the $3.250-million sale of 1113 Avenue O, a multifamily building comprised of 23 units located in the Midwood section of Brooklyn.

GFI Realty Services, LLC announced the $3.250-million sale of 1113 Avenue O, a multifamily building comprised of 23 units located in the Midwood section of Brooklyn. GFI Realty Senior Managing Director Matthew Sparks, represented the seller Santa Rosa Realty, and Moshe Goldberger, also of GFI Realty, represented the buyer, Aida Abba Realty.

Constructed in 1928, the four-story building totals approximately 18,224 square-feet and is composed of 4 studios, 11 one-bedroom apartments, 7 two-bedroom apartments and 1 three-bedroom apartment.

“This asset is a great turnkey investment with easy management,” said Sparks. “The property is situated in a strong location surrounded by landmark homes and major commercial corridors.”

“Despite any unease in the current marketplace well-maintained assets in prime areas are still in demand,” said Goldberger. “The buyer intends to keep the property for the long term and continue to invest in capital improvements.”

Midwood is a middle-class neighborhood known for the suburban feel created by its tree-lined streets, Victorian homes and quaint shops.  This multifamily asset is centrally located near numerous local and national businesses and is just a short walk away from the B and Q subway lines.