GFI Realty Services, LLC has announced the $10.4-million sale of 2031 and 2233 Ocean Avenue, two four-story walk-up apartments buildings in the Midwood section of Brooklyn. GFI Senior Director Erik Yankelovich represented the seller and the buyer in this transaction, both of whom are local investors.
These pre-war buildings are comprised of a total of 47 well-maintained, rent-stabilized units and 33,040 square feet. The deal traded at a 12.8 GRM and a five percent cap rate.
“This deal provided our client with two well-kept assets situated in great locations with turnkey conditions and strong yield,” said Yankelovich. “Both buildings have undergone numerous improvements over the past few years, and they each have a healthy bottom line.”
Situated in proximity to the Kings Highway corridor, the properties benefit from the residential and commercial strength of the local neighborhood and the convenient access it provides to a wide range of shopping options.