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Prime Park Slope Apts. with Low Rents Fetch $6.5M
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It’s not often that a sizable Park Slope multifamily property in good condition and with low average rents comes to market. A private investor took advantage of the rare opportunity, paying $6.5 million for a 17-unit building at 400 6th Ave. in a deal brokered by Marcus & Millichap.
“Despite the recent transition in the market, we continue to see a huge demand for well-located multifamily assets with a low average rent at compressed rates,” said Marcus & Millichap’s Matt Fotis, who brokered the sale with colleague Matthew Shapiro on behalf of the seller, also a private investor. The four-story 400 6th Ave. traded at a cap rate of 3.4%.
“Our process attracted interest not only from all of the most active buyers, but also international and out-of-the-area buyers,” Fotis added.
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- ◦Sale/Acquisition
