Meble Furniture Acquires Industrial Property At 70 Air Park Drive For $5.05M With Brokers Michael Gronenthal & Devang Patel
SOLD
$5,050,000
New York
See Similar DealsIndustrial22,786 SF
Sold 12/13/2024
SOLD
Meble Furniture Acquires Industrial Property At 70 Air Park Drive For $5.05M With Brokers Michael Gronenthal & Devang Patel
70 Air Park Drive
See Similar DealsIndustrial22,786 SF
Sold 12/13/2024
Summary
NEW YORK
Asset Type:Industrial
Price Per Square Foot:$221
Total Square Footage:22,786 SF
Transaction Type:Sale
The industrial property located at 70 Air Park Drive in Ronkonkoma has been sold for $5,050,000. The asset encompasses a total square footage of 22,786 and a price per square foot of $221. The transaction reflects the dynamics of the industrial market in the region.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $5,050,000
- Address: 70 Air Park Drive
- Market: Ronkonkoma
- Square Footage: 22,786
- Price per Square Foot: $221
- Buyer: Meble Furniture
- Seller: Surinder Sandhu
- Brokers: Michael Gronenthal & Devang Patel - Douglas Elliman
The sale of the property was facilitated by brokers Michael Gronenthal and Devang Patel from Douglas Elliman, representing the interests of both parties in the transaction, ensuring a smooth process for Meble Furniture and Surinder Sandhu.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$269,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$17,941.59
Cash-on-Cash Return-1.27%
Monthly Debt Service$23,939.58
Annual Debt Service$287,274.92
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