The Chen Family Acquires Mixed-Use Property In Prospect Heights For $1.52M
770 Washington Avenue, Brooklyn, NY 11238
$1,520,000
$500/SF
Building Size
3,039 SF
Asset Type
Mixed-use
Closing
Dec 23, 2021
About this deal
AI
The mixed-use property located at 770 Washington Avenue in Prospect Heights has been sold in a recent transaction. The property is zoned as R6A and C1-4 and spans a total of 3,039 square feet. The asset consists of both residential and commercial spaces, offering a diverse range of potential uses. The transaction took place on December 23, 2021.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $1,520,000
- Market: Prospect Heights
- Built Square Footage: 2,547
- Price per Built Square Foot: $596
- Land Square Footage: 3,039
- Price per Land Square Foot: $500
The buyer in this transaction is the Chen Family, while the seller is Adam Semler. The deal was facilitated by brokers Andrew Bronsteen, Shaun Riney, and Mark Zarrella, who represented both parties in the transaction. The brokerage firm responsible for the deal is Marcus & Millichap.
On the Map
$1,520,000
$500/SF
Mixed-use
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Players
Brooklyn 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
10.44%
Cash-on-Cash
-2.98%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93