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2.3% Cap Rate for 231 Stanhope St. Apartments

An undisclosed investor paid $1.49 million for the six rental apartments at 231 Stanhope St. in the Bushwick neighborhood of Brooklyn. That works out to a price of about $250,000 per unit, and a capitalization rate of 2.3%.

“The ideal location of this property offers a golden opportunity, providing the new buyer with a rare value-add opportunity in one of Brooklyn’s most popular neighborhoods,” said Daniel Tropp, director at Ariel Property Advisors, who with Jonathan Berman represented the seller.

The three-story building, which spans 4,875 square feet, is located between Irving and Knickerbocker avenues, a highly sought-after area in the flourishing neighborhood.

For comments, questions or concerns, please contact our New York commercial real estate editor Bendix Anderson

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