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Successful Sale of 809 8th Avenue in South Park Slope, Brooklyn
Bob Knakal successfully closed the sale of 809 8th Avenue, a pre-war walk-up apartment building nestled in the highly desirable South Park Slope section of Brooklyn. The property, which comprises 8 residential units, attracted investor interest due to its strong location and stable in-place income.
The building was sold for $1,400,000, offering a rare opportunity to acquire a multifamily asset in one of Brooklyn’s most consistently performing residential neighborhoods. The buyer, Timothy Myers, acquired the property from Richard Ward, representing the estate of James Marren.
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Sale Details
This multifamily building sale closed on March 5, 2010, for a total consideration of $1,400,000, translating to approximately $251.08 per square foot based on the total 5,576 buildable square feet.
- Sale Price: $1,400,000
- Price per SF/BSF: $251.08
- Buyer: Timothy Myers
- Seller: Richard Ward, Estate of James Marren
- Asset Type: Multifamily - Walk-Up
- Total Units: 8 residential units
- Sale Date: March 5, 2010
Key Highlights:
- 8-unit walk-up building
- Located in prime South Park Slope
- Stable income-producing asset
- Significant long-term appreciation potential
Property Details
Located mid-block on 809 8th Avenue, between 8th Avenue and 9th Street, the property lies in one of Brooklyn’s most charming and vibrant enclaves—South Park Slope. The address benefits from excellent access to Prospect Park, the F/G subway lines, and a wide selection of retail, dining, and entertainment options.
Full Address: 809 8th Avenue, Brooklyn, NY 11215
Investment Highlights:
- Year Built: Pre-1940s (typical of Park Slope architecture)
- Stories: Walk-up structure (assumed 3-4 stories)
- Units: 8 residential apartments
- Total SF/BSF: 5,576
- Lot Details: 1 building on a single lot
Market Strategy and Positioning
South Park Slope’s consistent demand for rental housing made this property particularly attractive to long-term investors. At the time of sale, the Brooklyn multifamily market was in recovery mode post-recession, and value-conscious buyers were aggressively seeking stable, low-risk walk-up assets with upside potential through turnover and modest capital improvements.
The strategic positioning of 809 8th Avenue focused on:
- Its location within a tight rental market
- Immediate access to parks and transit
- Fully leased residential units offering stable cash flow
Neighborhood Overview
South Park Slope is one of Brooklyn’s most cherished neighborhoods, known for its brownstone-lined streets, family-friendly vibe, and proximity to Prospect Park.
Residents enjoy a unique blend of historic charm and modern conveniences.
Nearby attractions and highlights:
- Prospect Park: Just a short walk away, offering over 500 acres of green space.
- Cortelyou Road & 7th Avenue retail strips: Known for boutique shops, restaurants, and bars.
- Transportation: Convenient access to the F and G subway lines at 15th St–Prospect Park station.
Key Neighborhood Highlights:
- Highly walkable and bike-friendly streets
- Top-rated public schools and family-oriented atmosphere
- Vibrant dining and café culture
- Steady long-term rental demand from professionals and creatives
Conclusion
The sale of 809 8th Avenue represents another successful transaction in South Park Slope's robust multifamily market. Its location, classic architecture, and strong fundamentals made it a prime candidate for long-term investment.
Bob Knakal’s deep understanding of the Brooklyn market and keen pricing strategy ensured a smooth transaction that met the goals of all parties involved.
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Frequently Asked Questions
Q1: What type of building is 809 8th Avenue?
809 8th Avenue is a classic pre-war walk-up multifamily building with 8 residential units, typical of South Park Slope’s historic residential housing stock.
Q2: What makes this property a good investment?
Its location in a high-demand rental market, stable occupancy, and potential for long-term appreciation made it especially appealing to investors looking for durable cash flow.
Q3: What are the zoning and redevelopment options for this building?
While zoning specifics were not provided, most buildings in this part of South Park Slope are zoned for residential use with limited redevelopment options, making them ideal for stable hold investments rather than tear-downs.
