ERG Commercial Real Estate has brokered the $1.9 million sale of a 13-unit multi-family apartment building in Hempstead, Long Island.
The three-story, 7,200 sq. ft. building at 108 Grove Street, was built in 1938. The building is comprised of three one bedrooms and 10 two bedrooms. It is located just off the highly traveled retail corridor of Peninsula Blvd. and walking distance to many retail shopping centers.
ERG’s Managing Director Ryan Lewis represented both the buyer and the seller.
This fully occupied stabilized building sold just over $146,000 per unit and around a 9% cap rate.
“The buyers were active investors in the area who were looking for cash flow building opportunities,” said Lewis.
