Park Drive Equities Acquires Mixed Use Property In Cedarhurst, NY For $3.2M
SOLD
$3,200,000
New York
See Similar DealsMixed-use9,200 SF
Sold 10/15/2018
SOLD
Park Drive Equities Acquires Mixed Use Property In Cedarhurst, NY For $3.2M
488 Central Avenue, Cedarhurst, NY, USA
See Similar DealsMixed-use9,200 SF
Sold 10/15/2018
Summary
NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$347
Total Square Footage:9,200 SF
Transaction Type:Sale
A mixed-use property located at 488 Central Avenue in Cedarhurst, NY has been sold for $3,200,000. The property spans 9,200 square feet, resulting in a price per square foot of $347. The property consists of 8 residential units and 2 stores, generating a gross income of $246,000. The transaction took place on October 15, 2018.
Summary of transaction details
- Property Type: Mixed Use
- Transaction Amount: $3,200,000
- Address: 488 Central Avenue
- Market: Cedarhurst, NY
- Square footage: 9,200
- Price per square foot: $347
- Gross Income: $246,000
Park Drive Equities, represented by Joseph Hoch, acquired the property from Landau Real Estate. The transaction was facilitated by Michael Guttman of Rosewood Realty Group.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$170,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$11,368.93
Cash-on-Cash Return-1.27%
Monthly Debt Service$15,169.63
Annual Debt Service$182,035.59
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