Massey Knakal Sells Mixed-Use Building In Bay Ridge
A mixed-use building at 9425 5th Avenue, located between 94th and 95th Streets in Brooklyn’s Bay Ridge neighborhood, was sold in an all-cash transaction valued at $1,032,500.
The three-story building measures approximately 4,576 square feet and sits on a 17’ x 100’ lot. The building contains two retail tenants and four apartments. The building is located at the entrance to the R train and benefits from heavy foot traffic. The sale price equates to approximately $225 per square foot and a 6.3% cap rate.
“Mixed-use buildings are the bread and butter of Bay Ridge real estate. Investors are willing to accept lower rates of return in exchange for the safety and quality of these assets in the area,” said Massey Knakal Director of Sales Stephen Palmese.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,200 transactions having a market value in excess of $15 billion.