Daren Hornig Acquires Mixed-use Property In Chelsea From Spitzer Enterprises
SOLD
$7,900,000
Massachusetts
See Similar DealsMixed-use4,740 SF
Sold 10/20/2020
SOLD
Daren Hornig Acquires Mixed-use Property In Chelsea From Spitzer Enterprises
419 9 Avenue, Chelsea
See Similar DealsMixed-use4,740 SF
Sold 10/20/2020
Summary
MASSACHUSETTS
Asset Type:Mixed-use
Price Per Square Foot:$1,666
Total Square Footage:4,740 SF
Transaction Type:Sale
A mixed-use property located at 419 9 Avenue in Chelsea has been sold for $7,900,000. The property has a total building square footage (BSF) of 19,750, with a price per BSF of $400. The total square footage of the property is 4,740, with a price per square foot (PPSF) of $1,666. The transaction took place on October 20, 2020.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $7,900,000
- Address: 419 9 Avenue, Chelsea
- Market: Chelsea
- Zoning: C6-4, HY
Daren Hornig purchased the property from Spitzer Enterprises, represented by Eliot Spitzer. Hornig's acquisition of the property showcases his investment in the Chelsea market. The sale reflects the attractiveness of mixed-use properties in the area, with a price per BSF of $400 and a price per square foot of $1,666. This transaction highlights the ongoing activity and demand for properties in Chelsea.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$421,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$28,067.05
Cash-on-Cash Return-1.27%
Monthly Debt Service$37,450.03
Annual Debt Service$449,400.36
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