Rosewood Realty Group announced the sale of a five-unit residential building in East Williamsburg for $2.2 million.
The 4,125 sq. ft. building, at 985 Metropolitan Avenue, sold for a cap rate of five percent, at 16.46 times the monthly rent roll or $440,000 per unit. The rental building was built in 1920.
Rosewood Realty Group brokers Chaya Milworn and Mike Kerwin represented the buyer, Mark Guindi of GD Capital Group and Sarah Sawyer of Compass represented the undisclosed seller, G & G Ventures LLC .
“The buyer plans to start a full renovation as soon as possible to take advantage of the building’s burgeoning location next to parks and nightlife,” said Kerwin.
