Cushman & Wakefield Facilitates $3.95M Sale Of Development Site In Melville
509 Long Island Ave, Medford, Ny
$3,950,000
$7/SF
Building Size
552,341 SF
Asset Type
Development Site
Closing
Apr 7, 2023
AI
590 Long Island Avenue, located in Medford, NY, has been sold for $3,950,000. This development site consists of two adjacent parcels, totaling approximately 12.68 acres of raw land. The property is strategically positioned along Long Island Expressway South Service Road (I-495), between Horseblock Road and Sills Road. With unparalleled direct frontage and outstanding accessibility, it offers immense potential for renewable and sustainable energy development.
Summary of transaction details:
- Property Type: Development Site
- Sale Price: $3,950,000
- Square Footage: 552,341
- Price Per Acre: $311,514
- Address: 590 Long Island Avenue, Medford, NY
- Market: Melville
- Seller: Robert Gerard
- Brokers: Daniel Abbondandolo, Rob Cullen, David Pennetta, Stephen Cadorette - Cushman & Wakefield
The successful closing of this transaction was facilitated by Team Abbondandolo and Team Pennetta of Cushman & Wakefield. They are proud to have played a pivotal role in this deal, ensuring the smooth and efficient execution of the transaction.
Players
Medford Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
4.02%
Cash-on-Cash
-1.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93