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Wai Hing Yip Acquires Mixed-Use Property On Myrtle Avenue In Ridgewood Queens For $1.27M

Property Image
SOLD
$1,269,999

New York

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Mixed-use4,000 SF
Sold 10/24/2019
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Property Image
SOLD

Wai Hing Yip Acquires Mixed-Use Property On Myrtle Avenue In Ridgewood Queens For $1.27M

61-18 Myrtle Ave, Flushing, NY 11385, USA

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Mixed-use4,000 SF
Sold 10/24/2019
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Summary

NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$317
Total Square Footage:4,000 SF
Transaction Type:Sale

A mixed-use property located at 6118 Myrtle Avenue in Ridgewood Queens has been sold in a closed transaction. The property consists of 3 units, including 2 apartments and 1 store. The store was delivered vacant, offering potential for immediate occupancy or rental for a new business venture. The property was initially listed for an asking price of $1,400,000 and ultimately sold for $1,269,999. With a total square footage of 4,000, the price per square foot equates to $317.

Summary of transaction details:

  • Property Type: Mixed-use
  • Transaction Amount: $1,269,999
  • Address: 6118 Myrtle Avenue, Ridgewood Queens
  • Market: Ridgewood Queens
  • Units: 3
  • Price per Square Foot: $317

The deal was brokered by Daniel Barcelowsky, who represented the seller, David Shorenstein, and facilitated the transaction with the buyer, Wai Hing Yip. This successful deal showcases the expertise of Daniel Barcelowsky and highlights his ability to secure favorable outcomes for his clients.

Players

Daniel Barcelowsky
52 deals$83.9M volume
BROKER

David Shorenstein
Hildreth Real Estate Advisors
60 deals$187.3M volume
BROKER

David Shorenstein
60 deals$187.3M volume
BROKER

David Shorenstein
60 deals$187.3M volume
BROKER

Details

SOLD
IMAGE: David Shorenstein & Daniel Barcelowsky DATE: 10/24/2019 ADDRESS: 6118 Myrtle Avenue MARKET: Ridgewood Queens ASSET TYPE: Mixed-use BROKER: Daniel Barcelowsky SELLER: David Shorenstein BUYER: Wai Hing Yip ASKING PRICE: $1,400,000 SALE PRICE: $1,269,999 SF: 4,000 PPSF: $317 UNITS: 3 PPU: $423,333 NOTE: Free market 2 apts and 1 store , store delivered vacant. This […]

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

$67,733.29

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$4,512.03
Cash-on-Cash Return-1.27%
Monthly Debt Service$6,020.44
Annual Debt Service$72,245.32