David Bowen & Matthew Wright Acquire Mixed-Use Property At 280-288 Utica Avenue In Crown Heights, Brooklyn
SOLD
$7,325,000
New York
See Similar DealsMixed-use10,800 SF
Sold 07/31/2019
SOLD
David Bowen & Matthew Wright Acquire Mixed-Use Property At 280-288 Utica Avenue In Crown Heights, Brooklyn
280 Utica Ave, Brooklyn, NY 11213, USA
See Similar DealsMixed-use10,800 SF
Sold 07/31/2019
Summary
NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$678
Total Square Footage:10,800 SF
Transaction Type:Sale
The mixed-use property located at 280-288 Utica Avenue in Crown Heights, Brooklyn has been sold in a closed transaction. The property consists of approximately 10,800 square feet and was listed at an asking price of $7,950,000. The final sale price was recorded as $7,325,000, resulting in a price per square foot of $678. The property generates a gross income of $520,000.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $7,325,000
- Address: 280-288 Utica Avenue, Brooklyn, NY
- Market: Crown Heights, Brooklyn
- Square Footage: 10,800
- Asking Price: $7,950,000
- Price per Square Foot: $678
- Gross Income: $520,000
The seller of the property was Jung Kwon, represented by Daniel Abbondandolo, DJ Johnston, and Dimitri Mastrogiannis. The buyer of the property is David Bowen and Matthew Wright.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$390,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$26,024.17
Cash-on-Cash Return-1.27%
Monthly Debt Service$34,724.24
Annual Debt Service$416,690.84
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