Yong Xiang Li Acquires Mixed-Use Property In Brooklyn For $1.28M

The mixed-use property located at 1001 39th St. in Borough Park, Brooklyn was recently sold for $1.28 million. The transaction took place on January 25, 2109 and was facilitated by brokers John Brennan & Samuel Finkler of Marcus & Millichap NY. The property spans 3,500 square feet and has an attractive price per square foot of $366. With a total of 3 units, the property offers a capitalization rate of 4.86%. According to the pro-forma calculations, the capitalization rate reaches 5.55%. The gross rent multiplier for the property is 15.06, which decreases to 13.42 based on the pro-forma calculations.

Summary of transaction details:

• Property Type: Mixed-Use
• Transaction Amount: $1.28 million
• Square Footage: 3,500
• Price per Square Foot: $366
• Units: 3
• Capitalization Rate: 4.86%
• Pro-Forma Capitalization Rate: 5.55%
• Gross Rent Multiplier: 15.06
• Pro-Forma Gross Rent Multiplier: 13.42

The seller of the property was Antonio Branchinelli, while the buyer was Yong Xiang Li. The successful transaction was made possible by the expertise of brokers John Brennan & Samuel Finkler from the Marcus & Millichap NY agency.