Raphael Harooni Acquires Waterfront Industrial Warehouse In Long Island For $2.4M
371 South Main Street, Freeport, NY, USA
$2,400,000
$171/SF
Building Size
14,000 SF
Asset Type
Industrial
Closing
Jun 30, 2021
AI
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.
Players
Freeport Industrial Market Snapshot
Boundary boundary · Industrial · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
6.61%
Cash-on-Cash
-1.89%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93