The Abeco Organization Acquires Mixed-Use Property In Prospect Heights, Brooklyn For $3M
581 Vanderbilt Avenue
$3,000,000
$616/SF
Building Size
4,864 SF
Asset Type
Mixed-use
Closing
Aug 15, 2023
AI
A mixed-use property located at 581 Vanderbilt Avenue in Prospect Heights, Brooklyn has been sold. The property consists of 6 residential apartments and 1 retail space. The sale price for this property was $3,000,000, with a total square footage of 4,864. The price per square foot came to $617, and the cap rate was reported to be 6%.
Summary of transaction details
- Property Type: Mixed-use (6 FM Apartments & 1 Retail Space)
- Transaction Amount: $3,000,000
- Square Footage: 4,864
- Price Per Square Foot: $617
- Cap Rate: 6%
- Address: 581 Vanderbilt Avenue, Prospect Heights, Brooklyn
The buyer of the property was The Abeco Organization, represented by Abe Betesh. The brokers involved in the transaction were Adam J Hess and Edward Setton from Meridian Capital Group.
Players
Market 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
5.29%
Cash-on-Cash
-1.51%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93