Verizon Acquires Industrial Property In Castle Hill, Bronx For $21M
SOLD
$21,000,000
New York
See Similar DealsIndustrial12 SF
Sold 11/17/2022
SOLD
Verizon Acquires Industrial Property In Castle Hill, Bronx For $21M
470 Zerega Avenue, The Bronx, New York 10473, United States
See Similar DealsIndustrial12 SF
Sold 11/17/2022
Summary
NEW YORK
Asset Type:Industrial
Price Per Square Foot:$1,750,000
Total Square Footage:12 SF
Transaction Type:Sale
Verizon has acquired a portfolio of industrial properties in Castle Hill, Bronx. The properties on 470, 480, 502, and 500 Zerega Avenue have been sold by Del Balso Construction Corporation for a total transaction amount of $21,000,000. The industrial assets encompass a total building square footage of 202,190, with an average price per square footage of $104. The individual building size for this transaction is 12,800 square feet, with a price per square footage of $1,641.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $21,000,000
- Address: 470, 480, 502 & 500 Zerega Avenue
- Market: Castle Hill, Bronx
Megan L. Ust, representing Verizon, acted as the buyer, while Peter C. Marron, from Del Balso Construction Corporation, represented the seller in this transaction.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,120,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$74,608.56
Cash-on-Cash Return-1.27%
Monthly Debt Service$99,550.71
Annual Debt Service$1,194,608.56
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