Icon Realty Management Acquires Mixed Use Property On Lexington Ave For $7.7M
SOLD
$7,700,000
New York
See Similar DealsMixed-use5,453 SF
Sold 09/24/2018
SOLD
Icon Realty Management Acquires Mixed Use Property On Lexington Ave For $7.7M
794 Lexington Avenue
See Similar DealsMixed-use5,453 SF
Sold 09/24/2018
Summary
NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$1,412
Total Square Footage:5,453 SF
Transaction Type:Sale
The mixed-use property located at 794 Lexington Ave in Lenox Hill has been sold for a total price of $7,700,000. Spanning 5,453 square feet, the property was sold at a price per square foot of $1,412. The transaction took place on 09/24/2018.
Summary of transaction details
- Property Type: Mixed Use
- Sale Price: $7,700,000
- Square Footage: 5,453
- Price per Square Foot: $1,412
- Address: 794 Lexington Ave, Lenox Hill
- Seller: Dennis Kiley
- Buyer: Icon Realty Management (Terrence Lowenberg, Todd Cohen)
- Broker: Andrew Natter of Alcott Acquisitions
- Market: Lenox Hill
The property had long term ownership and was under market rents. The deal presented a going-in cap rate of 4.5% with potential for upside.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$410,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$27,356.47
Cash-on-Cash Return-1.27%
Monthly Debt Service$36,501.93
Annual Debt Service$438,023.14
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