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50-Unit Flushing Apartment House Trades at Low-3% Cap
Connect Apartments is coming up on June 26th in Los Angeles. Here’s a link to find out more about the conference and to register.
Marcus & Millichap has arranged the sale of 142-27 Barclay Ave., a six-story elevator apartment building in the heart of Queen’s Flushing neighborhood. The 50-unit building, of which 24 units are free market, sold for $13.3 million at a cap rate of 3.07%.
“The property, which was owned by the seller since the 1960s, has significant upside which is why we were able to achieve such an aggressive cap rate,” said Victoria Fisher, a senior real estate broker at Marcus & Millichap who, along with Jim Evans, represented the undisclosed seller. Steven J. Siegel and Michael Kook of the firm’s Manhattan office procured the buyer.
“The purchaser, who was in a 1031, has an opportunity to reposition the building and attain higher rents in this stable area,” said Evans. “Based on recent nearby transactions, the market in this particular area continues to be robust.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
