Hardip Shah Acquires Hotel In Long Island For $7.8M
SOLD
$7,800,000
New York
See Similar DealsHotel150,000 SF
Sold 08/23/2021
SOLD
Hardip Shah Acquires Hotel In Long Island For $7.8M
300 Bay Shore Road, Bay Shore, NY, USA
See Similar DealsHotel150,000 SF
Sold 08/23/2021
Summary
NEW YORK
Asset Type:Hotel
Price Per Square Foot:$52
Total Square Footage:150,000 SF
Transaction Type:Sale
A hotel located at 300 Bay Shore Road in Long Island has been sold for a total price of $7,800,000. The transaction took place on August 23, 2021.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $7,800,000
- Address: 300 Bay Shore Road
- Market: Long Island
The buyer of the hotel is Hardip Shah, while the seller is Neil Wagner. The deal was facilitated by Michael Steinberg and Candy Huang of Empire Business Management acting as brokers for the transaction.
The hotel comprises a total of 72 units, resulting in a price per unit (PPU) of $108,333. The property spans 150,000 square feet, with a price per square foot (PPSF) of $52.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$415,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$27,711.76
Cash-on-Cash Return-1.27%
Monthly Debt Service$36,975.98
Annual Debt Service$443,711.75
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