The Davis Companies Acquires Industrial Property In Maspeth For $51.3M
SOLD
$51,300,000
New York
See Similar DealsIndustrial151,500 SF
Sold 03/25/2022
SOLD
The Davis Companies Acquires Industrial Property In Maspeth For $51.3M
58-30 Grand Avenue, Queens, New York 11378, United States
See Similar DealsIndustrial151,500 SF
Sold 03/25/2022
Summary
NEW YORK
Asset Type:Industrial
Price Per Square Foot:$338
Total Square Footage:151,500 SF
Transaction Type:Sale
The industrial property located at 58-30 Grand Avenue in Maspeth has been sold for a price of $51,300,000. The property spans 1.17 acres and offers a total square footage of 151,500. The sale price per square foot amounts to $338.
Summary of transation details
- Property Type: Industrial
- Transaction Amount: $51,300,000
- Address: 58-30 Grand Avenue
- Market: Maspeth
- Area: 1.17 acres
The buyer of this property is The Davis Companies, while the seller is Square Mile Capital and Innovo Property Group, represented by Andrew Chung. The deal was facilitated by brokers Doug Middleton, Brian Fiumara, and Ryan Silber from CBRE.
Players
SELLER
SELLER
LENDER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,736,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$182,258.06
Cash-on-Cash Return-1.27%
Monthly Debt Service$243,188.17
Annual Debt Service$2,918,258.06
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