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Richard Wu Acquires Mixed-Use Property In Prospect Heights, Brooklyn For $2.3M

Property Image
SOLD
$2,300,000

New York

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Mixed-use2,700 SF
Sold
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Property Image
SOLD

Richard Wu Acquires Mixed-Use Property In Prospect Heights, Brooklyn For $2.3M

593A Vanderbilt Ave, Brooklyn, NY 11238, USA

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Mixed-use2,700 SF
Sold
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Summary

NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$851
Total Square Footage:2700 SF
Transaction Type:Sale

An attractive mixed-use property located at 593A Vanderbilt Avenue in Prospect Heights, Brooklyn has been sold in a closed transaction. The property consists of two residential units and one commercial unit, offering a total of 2,700 square feet of space. The sale price for this property was $2,300,000, with a price per square foot of $852. The property was listed for an asking price of $2,400,000. The transaction was facilitated by Mike Lipman from JLL.

Summary of transaction details

  • Property Type: Mixed-use
  • Transaction Amount: $2,300,000
  • Address: 593A Vanderbilt Avenue, Prospect Heights, Brooklyn
  • Market: Prospect Heights, Brooklyn
  • Size: 2,700 square feet
  • Units: 3 (2 residential, 1 commercial)
  • Price per Square Foot: $852
  • Seller: Robert Elizondo
  • Buyer: Richard Wu
  • Broker: Mike Lipman - JLL

The successful transaction for this mixed-use property on Vanderbilt Avenue in Prospect Heights, Brooklyn was executed with Mike Lipman from JLL serving as the broker. The signed contract was secured in less than 4 weeks from initial listing.

Players

Michael (Mike) Lipman
3 deals$7.2M volume
BROKER

Details

SOLD
IMAGE: Mike Lipman (@MichaelHarry_) DATE: 05/08/2020 ADDRESS: 593A Vanderbilt Avenue MARKET: Prospect Heights, Brooklyn ASSET TYPE: Mixed-use SELLER: Robert Elizondo BUYER: Richard Wu BROKERS: Mike Lipman – JLL ASKING PRICE: $2,400,000 SALE PRICE: $2,300,000 SF: 2,700 PPSF: $852 UNITS: 3 (2 residential, 1 commercial) PPU: $766,666 NOTE: Signed contract in less than 4 weeks from […]

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

$122,666.66

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$8,171.42
Cash-on-Cash Return-1.27%
Monthly Debt Service$10,903.17
Annual Debt Service$130,838.08