SKF Development Acquires Bronx Development Site For $2.9M
SOLD
$2,900,000
New York
See Similar DealsDevelopment Site92 SF
Sold 05/25/2020
SOLD
SKF Development Acquires Bronx Development Site For $2.9M
1771 Weeks Avenue, Bronx, NY 10457, USA
See Similar DealsDevelopment Site92 SF
Sold 05/25/2020
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$31,521
Total Square Footage:92 SF
Transaction Type:Sale
SKF Development has acquired a development site in Bronx, located at 1771-1773 Weeks Avenue. The property is a development site that consists of 59 units. The transaction took place on 05/25/2021.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $2,900,000
- Address: 1771-1773 Weeks Avenue, Bronx
- Market: Bronx
- Units: 59
SKF Development was represented by Steven Westreich from Westbridge Realty Group. The seller, Stephen Devardo, was represented by Isaac Shrem, also from Westbridge Realty Group. The previous sale price for the property was $740,000 in August 2017.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$154,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$10,303.08
Cash-on-Cash Return-1.27%
Monthly Debt Service$13,747.48
Annual Debt Service$164,969.75
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