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Stalled Development Site Sold For $1.15M In Ocean Hill With Brokers Benjamin Vago & Sean R. Kelly

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SOLD
$1,150,000

New York

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Development Site
Sold 12/19/2024
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Property Image
SOLD

Stalled Development Site Sold For $1.15M In Ocean Hill With Brokers Benjamin Vago & Sean R. Kelly

303 Sumpter Street

See Similar Deals
Development Site
Sold 12/19/2024
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Summary

NEW YORK
Asset Type:Development Site
Transaction Type:Sale

The asset involved in this transaction is a stalled development site located at 303 Sumpter Street in the Ocean Hill market. The sale price for the property was $1,150,000, with a total building square footage of 5,915, which calculates to a price per buildable square foot of $194.

Summary of transaction details:

Key representatives involved in this transaction were Benjamin Vago and Sean R. Kelly, both affiliated with Ariel Property Advisors, who acted as the brokers in the deal. Their roles were crucial in facilitating this sale within the specified market.

Players

Sean R. Kelly, Esq.
56 deals$529.8M volume
BROKER

Benjamin Vago, Esq.
Ariel Property Advisors
24 deals$244.9M volume
BROKER

Details

SOLD
IMAGE: Benjamin Vago & Sean R. Kelly DATE: 12/19/2024 ADDRESS: 303 Sumpter Street MARKET: Ocean Hill ASSET TYPE: Stalled Development Site BROKERS: Benjamin Vago & Sean R. Kelly - Ariel Property Advisors (@ArielPA.NYC) SALE PRICE: $1,150,000 BSF: 5,915 ~ PPBSF: $194

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$61,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$4,085.72
Cash-on-Cash Return-1.27%
Monthly Debt Service$5,451.59
Annual Debt Service$65,419.04