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Marcus & Millichap Brokers Facilitate $4.3M Sale Of Mixed-Use Asset In Williamsburg

Property Image
SOLD
$4,300,000

New York

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Mixed-use2,900 SF
Sold 03/07/2024
the dealplayerscompscontact
Property Image
SOLD

Marcus & Millichap Brokers Facilitate $4.3M Sale Of Mixed-Use Asset In Williamsburg

229 Kent Avenue

See Similar Deals
Mixed-use2,900 SF
Sold 03/07/2024
Contact now

Summary

NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$1,482
Total Square Footage:2,900 SF
Transaction Type:Sale

The property at 229 Kent Avenue in Williamsburg, Brooklyn, was recently sold as a mixed-use asset for $4,300,000. Spanning 2,900 square feet, the property commanded a price per square foot of $1,483. The deal was facilitated by brokers Shaun Riney, Michael Salvatico, and Samuel Leppo from Marcus & Millichap.

Summary of transaction details:

The collaboration of Shaun Riney, Michael Salvatico, and Samuel Leppo from Marcus & Millichap was instrumental in closing the deal for the mixed-use property at 229 Kent Avenue. Their expertise and market knowledge played a crucial role in the successful transaction.

Players

Michael (Mike) Salvatico
173 deals$787M volume(718) 475-4358
BROKER

Shaun Riney
Marcus & Millichap
355 deals$1.8B volume(718) 475-4369
BROKER

Samuel (Sam) Leppo
Marcus & Millichap
59 deals$286.6M volume(718) 475-4342
BROKER

Details

SOLD
IMAGE: Samuel Leppo, Shaun Riney & Michael Salvatico DATE: 03/07/2024 ADDRESS: 229 Kent Avenue MARKET: Williamsburg, Brooklyn ASSET TYPE: Mixed-use BROKERS: Shaun Riney (@ShaunRiney1), Michael Salvatico (@MikeSalvatico) & Samuel Leppo (@Leppo.CRE) - Marcus & Millichap (@MarcusMillichapinc) SALE PRICE: $4,300,000 SF: 2,900 ~ PPSF: $1,483 &Millichap

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$229,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$15,277.01
Cash-on-Cash Return-1.27%
Monthly Debt Service$20,384.19
Annual Debt Service$244,610.33