Rosewood Realty Group announced the sale of a Williamsburg Brooklyn portfolio sale of three multifamily buildings for $8.95 million.
The buildings, that include 313 South 4th Street between Rodney and Keap Streets, and 431 and 433 Wythe Avenue between 8th and 9th Streets, sold for a combined cap rate of 5.7% and 16.4 times the current monthly rent roll.
Rosewood’s Ben Khakshoor, Reoven Elharar and Alex Fuchs represented the seller, Gil Boosidan and the buyer, Dana Lowery of Edifice Management.
313 South 4th Street is a 6,000 sq. ft. four-story walk-up with 12 mixed-rate apartments that was built in 1915.
431 and 433 Wythe Avenue is a two building, contiguous four-story building with 16 mixed-rate apartments. The 8,800 sq. ft. building was built in 1920.
“The buildings were 80% free market, and was delivered with the majority of the units vacant,” said Khakshoor.
” This allowed the buyer to quickly execute their value add business plan and increase the rents. The two buildings on Wythe are also 2B tax class protected properties.”
