Marcus & Millichap Sells Mixed-Use Property In Williamsburg, Brooklyn For $3.55M
331 Bedford Avenue
$3,550,000
$1,069/SF
Building Size
3,320 SF
Asset Type
Mixed-use
Closing
Sep 14, 2022
About this deal
AI
Located at 331 Bedford Ave in Williamsburg, Brooklyn, this mixed-use property was recently sold in a closed transaction for a total of $3,550,000. The property has a total square footage of 3,320 and a price per square foot of $1,069, making it a valuable asset in the market.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $3,550,000
- Address: 331 Bedford Ave
- Market: Williamsburg, Brooklyn
The seller of this property was The Roman Family. Representing the buyer in this deal were brokers Shaun Riney, Michael Salvatico, and Sam Leppo from Marcus & Millichap. Their expertise and negotiation skills were key factors in the successful completion of this transaction.
It is worth noting that the apartments within the property were delivered vacant, while a long-term retail lease with below-market rent was still in place. The buyer had to agree to take on significant arrears and violation fines as part of the deal.
Players
New York 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
4.47%
Cash-on-Cash
-1.28%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93