Raphael Harooni Acquires Waterfront Industrial Warehouse In Long Island For $2.4M
SOLD
$2,400,000
New York
See Similar DealsIndustrial14,000 SF
Sold 07/01/2021
SOLD
Raphael Harooni Acquires Waterfront Industrial Warehouse In Long Island For $2.4M
371 South Main Street, Freeport, NY, USA
See Similar DealsIndustrial14,000 SF
Sold 07/01/2021
Summary
NEW YORK
Asset Type:Industrial
Price Per Square Foot:$171
Total Square Footage:14,000 SF
Transaction Type:Sale
A waterfront industrial warehouse located at 371 S. Main Street in Long Island has been sold in a recent transaction. The property, with a total area of 14,000 square feet, features 20 docks and a parking lot. The sale took place on July 1, 2021.
Summary of Transaction Details
- Property Type: Industrial
- Transaction Amount: $2,400,000
- Market: Long Island
The buyer of the property is Raphael Harooni, who acquired it for $2,400,000. Raphael has been strategically accumulating a portfolio of undervalued properties during the pandemic and intends to sell them off within the next year or so.
Note: Raphael Harooni is the buyer of the property and has expressed interest in divesting his acquired properties in the near future.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$127,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$8,526.70
Cash-on-Cash Return-1.27%
Monthly Debt Service$11,377.22
Annual Debt Service$136,526.69
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