Marcus & Millichap - Tri Borough Multi-Family

316 6th Street

316 6th Street
, Brooklyn

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Price: $925,000
Building Size: 6,000 Square Feet
Property Type: Multi Family
Exclusive Listing Team:
Matt Fotis
Tel: 212-430-5206

In the fall of 2009, we were hired exclusively to market an apartment building at 316 6th Street, in the Park Slope section of Brooklyn, NY. The building was in OK condition and composed of 8 apartment units, 7 units renting well below the market and 1 unit renting at the market. The owner’s original plan with the property was to vacate the units paying low rents and greatly increase the income. They were not successful in their original plan and owned the property free and clear of any debt so they decided to sell the building and reinvest their equity into a property that provided more cash flow. Ultimately, we procured an experienced operator in the neighborhood who closed 30 days after they signed the contract without getting financing from a bank.