Biao Zheng Acquires Retail Property In Flushing For $4.2M
34-08/10 Union Street
$4,200,000
$714/SF
Building Size
5,875 SF
Asset Type
Retail
Closing
May 5, 2023
About this deal
AI
The retail property located at 34-08/10 Union Street in Flushing has been sold for $4,200,000. The property spans across 5,875 square feet, resulting in a price per square foot of $715. The transaction took place on 05/05/2023.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $4,200,000
- Size: 5,875 SF
- Price per Square Foot: $715
- Address: 34-08/10 Union Street, Flushing
- Market: Flushing
The buyer of the property is Biao Zheng, while the seller is The Choi Family. The transaction was facilitated by Stephen R. Preuss Sr and Kevin Louie of Ripco, who served as the brokers representing both parties.
Players
Market Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.78%
Cash-on-Cash
-1.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93