Investor Buys Caton Ave Apartment Building for $11M

A recent sale popped up in the Times that caught our eye. The apartment building at 1834 Caton Ave, just next to the subway entrance at St. Paul’s Place, was purchased for $11 million:

An investor has bought this six-story 1926 elevator building with 83 apartments — one studio, 42 one-bedrooms, 33 two-bedrooms, 6 three-bedrooms and 1 four-bedroom. The 93,378-square-foot building sold for 11.1 times the current rent roll.

According to public records, the last time it sold was in 2006 for just over $7.2 million.

To give some scope, the old Caledonian Hospital on Parkside Ave, just across from the park, sold for a reported $15.6M in 2007, with an estimated $7.68M cost to convert it to condos (and the conversion project is apparently still moving along).

That’s not to say that anything will change so drastically at this building, but it’ll be interesting to track the prices apartment buildings (and, of course, the units inside) in the area go for over the next 5-10 years, particularly as more and more people seem to be heading our way from points north.

Image via Google Maps