Pena of Berko & Associates sold two mixed use buildings in Brooklyn

Property Description

Agustin Pena, Director of Investment Sales, at Berko & Associates has successfully negotiated the sale of 482-510 Riverdale Avenue in Brooklyn for – $4,500,000. The buildings combined have 40 units and according to Pena, the investment transpired primarily due to the strong cash flow of the assets.

“With a gross rent multiple of six, a nine percent capitalization rate and record low interest rates, the buyers are anticipating a fourteen percent IRR” said Pena. Berko & Associates is a multi-disciplinary real estate brokerage firm that specializes in investment sales, finance and advisory of commercial properties.