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The Abeco Organization Acquires Mixed-Use Property In Prospect Heights, Brooklyn For $3M

Property Image
SOLD
$3,000,000
Edward (Eddie) Setton
Adam J Hess
Abe Betesh

New York

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Mixed-use4,864 SF
Sold 08/15/2023
the dealplayerscompscontact
Property Image
SOLD

The Abeco Organization Acquires Mixed-Use Property In Prospect Heights, Brooklyn For $3M

581 Vanderbilt Avenue

See Similar Deals
Mixed-use4,864 SF
Sold 08/15/2023
Edward (Eddie) Setton
Adam J Hess
Abe Betesh
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$616
Total Square Footage:4,864 SF
Transaction Type:Sale

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

Edward (Eddie) Setton
Sterling Property Group NY
Edward Setton
55 deals$251.4M volume
BROKER
Adam J Hess
Sterling Property Group NY
Adam J Hess
57 deals$251.4M volume
BROKER
Abe Betesh
Abe Betesh
7 deals$52.6M volume
BUYER

Details

SOLD
IMAGE: Adam J Hess, Abe Betesh & Edward Setton DATE: 08/15/2023 ADDRESS: 581 Vanderbilt Avenue MARKET: Prospect Heights, Brooklyn ASSET TYPE: Mixed-use (6 FM Apartments & 1 Retail Space) BUYER: The Abeco Organization - Abe Betesh BROKERS: Adam J Hess (@TeamhessBK) & Edward Setton - Meridian Capital Group (@Meridian.capital.group) SALE PRICE: $3,000,000 SF: 4,864 ~ PPSF: $617 CAP RATE: 6%

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$160,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$10,658.36
Cash-on-Cash Return-1.27%
Monthly Debt Service$14,221.53
Annual Debt Service$170,658.37