@DaveanHoldings Acquires Mixed-Use Property In Cobble Hill, Brooklyn For $5.55M
SOLD
$5,550,000
+ 2
New York
See Similar DealsMixed-use59,500 SF
Sold 02/20/2020
SOLD
@DaveanHoldings Acquires Mixed-Use Property In Cobble Hill, Brooklyn For $5.55M
131 Smith St, Brooklyn, NY 11201, USA
See Similar DealsMixed-use59,500 SF
Sold 02/20/2020
+ 2
Summary
NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$93
Total Square Footage:59,500 SF
Transaction Type:Sale
The mixed-use property located at 131 Smith Street in Cobble Hill, Brooklyn has been sold. The property spans 5,950 square feet and was purchased for a total of $5,550,000. The transaction took place off-market and the building is currently 100% occupied. The sale price reflects a going-in Cap Rate of 5.3%.
Summary of Transaction Details
- Property Type: Mixed-use
- Sale Price: $5,550,000
- Square Footage: 5,950
- Address: 131 Smith Street
- Market: Cobble Hill, Brooklyn
The seller of the property was Lorraine Gerrity, while the buyers were Sean Lefkovits, David Lloyd, and Lance Lefkovits of Davean Holdings. Representing the buyers in the deal was Rich Velotta from Team Velotta.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$295,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$19,717.98
Cash-on-Cash Return-1.27%
Monthly Debt Service$26,309.83
Annual Debt Service$315,717.98
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