Rosewood Realty Group announced the $3.45 million sale of a mixed use building in Williamsburg with five market-rate apartments and two commercial spaces.
The 4,400 sq. ft. building, at 310 South 4th Street, (corner of Rodney) was built in 1910. It sold for a caprate of 5.48% and a GRM of 14.57. It sold for $784 per sq. ft. or $690,000 per unit.
Rosewood’s Ben Khakshoor represented the seller, Gil Boosidan and Rosewood’s Eli Shayestehpour represented the buyer, Victor Blaleh.
“The property was an attractive acquisition as it is a fully free market building with a below market retail lease,” said Shayestehpour. “The buyer is planning to renovate the apartments and increase cashflow by raising the rents on the apartments and retail store.”
