V1 Church Acquires Smithtown Church Property From Glenn Schneider For $5.2M
905 Jericho Turnpike
$5,200,000
$202/SF
Building Size
25,720 SF
Asset Type
Church
Closing
Dec 18, 2024
About this deal
AI
The property asset involved in this transaction is a church located at 905 Jericho Turnpike in Smithtown. The sale price of the property was $5,200,000, and it has a total square footage of 25,720, resulting in a price per square foot of $202. This asset was previously utilized as a soccer training facility.
Summary of transaction details:
- Property Type: Church
- Transaction Amount: $5,200,000
- Square Footage: 25,720
- Price per Square Foot: $202
- Buyer: V1 Church
- Seller: Glenn Schneider
- Brokers: John LaRuffa & Daniel Abbondandolo - Cushman & Wakefield
- Market: Smithtown
The deal was facilitated by the brokerage team at Cushman & Wakefield, who represented V1 Church in this acquisition. The property serves as the new headquarters for V1 Church, a faith-based organization, indicating the organization's growth and its need for a central location to support community initiatives and administrative operations.
Players
Smithtown Church Market Snapshot
Boundary boundary · Church · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.05%
Cash-on-Cash
-0.87%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93