Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of a three-story multifamily property in Brooklyn, New York located on Lexington Avenue in the Clinton Hill neighborhood. The asset sold for $8,375,000.
“The property was sold at a 4.31% cap rate and a 19.1x rent roll. Significant interest persists in 100% free-market properties in desirable Brooklyn neighborhoods, despite the headwinds of interest rates,” said Shaun Riney. “If the property were rent stabilized, it likely would have sold for a cap rate exceeding 7%, showing how much of a discount there is associated with government regulation. The seller is taking profits from an opportune time to sell free-market buildings.”
Riney, Michael Salvatico, and Andrew Bronsteen, investment specialists in Marcus & Millichap’s Manhattan office, had the exclusive listing to market the property on behalf of the seller and procured the buyer, both private investors.
This 10-unit multifamily apartment property spans a total of 8,000 square feet. The property is located at 33-35 Lexington Avenue in the Clinton Hill neighborhood.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2022, the company had 1,904 investment sales and financing professionals in 81 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion.
