Seong Pan Si Acquires Mixed-Use Property In Bensonhurst For $2.09M

John Brennan and Samuel Finkler have closed a transaction in Bensonhurst, Brooklyn. The mixed-use property is located at 8609 18th Avenue and was sold for a price of $2,090,000. The property spans across 3,880 square feet, with a price per square foot of $539. It consists of three units and has a current capitalization rate of 0.88%, with a pro-forma capitalization rate of 4.42%. The gross rent multiplier (GRM) for the property is 52.77, with a pro-forma GRM of 17.42.

Summary of transaction details

• Property Type: Mixed-Use
• Transaction Amount: $2,090,000
• Square Footage: 3,880
• Price per Square Foot: $539
• Units: 3
• Current Capitalization Rate: 0.88%
• Pro-forma Capitalization Rate: 4.42%
• Current Gross Rent Multiplier (GRM): 52.77
• Pro-forma Gross Rent Multiplier (GRM): 17.42

The seller of the property was Peter Magavero, while the buyer was Seong Pan Si. The transaction was facilitated by Marcus & Millichap, with John Brennan representing the buyer's side as the broker.