Prospect Acquisitions Buys Mixed-Use Building From The Chan Family For $2.115M In Park Slope
SOLD
$2,115,000
New York
See Similar DealsMixed-use3,200 SF
Sold 07/18/2025
SOLD
Prospect Acquisitions Buys Mixed-Use Building From The Chan Family For $2.115M In Park Slope
385 7th Avenue
See Similar DealsMixed-use3,200 SF
Sold 07/18/2025
Summary
NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$660
Total Square Footage:3,200 SF
Transaction Type:Sale
The property asset involved in this transaction is located at 385 7th Avenue in the Park Slope market. This mixed-use building consists of 2 residential units and 1 commercial unit, with a total square footage of 3,200 and a price of $2,115,000, resulting in a price per square foot of $660.
Summary of transaction details:
- Property Type: Mixed-use (2 Residential & 1 Commercial Unit)
- Transaction Amount: $2,115,000
- Square Footage: 3,200
- Price per Square Foot: $660
- Units: 3
- Buyer: Prospect Acquisitions
- Seller: The Chan Family
- Sale Date: 7/18/2025
Prospect Acquisitions, the buyer, is actively seeking to purchase similar properties, including multifamily and mixed-use buildings in Manhattan, North Brooklyn, and Astoria. The transaction was noted to be an off-market deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$112,800.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$7,514.15
Cash-on-Cash Return-1.27%
Monthly Debt Service$10,026.18
Annual Debt Service$120,314.15
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