Updated Nov 20, 2023
Tian Feng Zhang Acquires Prime Retail Building In Downtown Jamaica For $3.5M
170-08 Jamaica Avenue, Queens, NY, USA
$3,500,000
$353/SF
Building Size
9,900 SF
Asset Type
Development Site
Closing
Oct 22, 2018
About this deal
AI
A prime retail building with an 'NNN' lease in Downtown Jamaica has been sold for $3,500,000. The property, located at 170-08 Jamaica Avenue, spans 9,900 square feet and has a price per square foot of $353. The sale resulted in a capitalization rate of 5.87%. The property, currently serving as a retail building, also holds potential for future development.
Summary of transaction details
- Property Type: Prime Retail Building with 'NNN' Lease
- Transaction Amount: $3,500,000
- Square Footage: 9,900
- Price per Square Foot: $353
- Capitalization Rate: 5.87%
- Address: 170-08 Jamaica Avenue
- Market: Downtown Jamaica
Tian Feng Zhang acquired the property from Kemraj Bodh. Represented by Daniel Abbondandolo of Cushman & Wakefield, the deal was successfully completed. The acquisition of this prime retail building presents potential for future development in Downtown Jamaica.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
4.53%
Cash-on-Cash
-1.30%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93