Rosewood Realty Group announced the sale of a Crown Heights, Brooklyn mixed-use building for $4 million.
The 20,880 sq. ft. building, at 236 Montgomery Street, (on the corner of Bedford Road), is a four-story walk-up with 25 apartments and three commercial spaces. It sold for a cap rate of 5.5% at 9.2 times the monthly rent roll, or $143,000 per unit.
Rosewood’s Aaron Jungreis, Alex Fuchs and Ben Khakshoor represented the seller, Montgomery Realty LLC and Rosewood’s Josh Shmuel and Ben Khakshoor represented the buyer, a private investor.
“The building had a number of vacant apartments that the buyer is planning on renovating,” said Khakshoor. “The retail component also allows for future upside and has strong long term tenancy.”
