Kevin Zhu Acquires Mixed-Use Property On Avenue U In Sheepshead Bay For $3.75M
1402 Avenue U, Sheepshead Bay, Brooklyn, NY, USA
$3,750,000
$275/SF
Building Size
13,600 SF
Asset Type
Mixed-use
Closing
Aug 25, 2021
About this deal
AI
The property located at 1402 Avenue U in Sheepshead Bay has been sold in a recent transaction. This mixed-use asset is zoned as R5, C1-3 and offers a total square footage of 13,600. The property consists of 12 rent-stabilized apartments and 6 retail spaces.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $3,750,000
- Market: Sheepshead Bay
- Address: 1402 Avenue U
Kevin Zhu was the buyer in this transaction, while the seller was Jeff Strisko. The deal was facilitated by John Brennan from Marcus & Millichap, representing both parties. The property was sold fully occupied at a 5.6% cap rate, making it an attractive investment opportunity.
Note from Broker: The Brennan Team of Marcus & Millichap exclusively handled this transaction.
Brooklyn Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
4.23%
Cash-on-Cash
-1.21%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93