Updated Oct 28, 2024
Power Express Mortgage Provides $3.13M Acquisition Loan For Multifamily Property On Ocean Parkway, Brooklyn
1101 Ocean Parkway, Brooklyn, NY 11230
$3,131,250
$825/SF
Building Size
3,794 SF
Asset Type
MultiFamily
Closing
Jan 6, 2022
About this deal
AI
Located at 1101 Ocean Parkway in Brooklyn, this multifamily property has recently undergone a closed transaction. The property spans approximately 3,794 square feet and comprises two units. With its prime location in the Brooklyn market, this property offers significant potential for future growth and investment.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $3,131,250
- Address: 1101 Ocean Parkway
- Market: Brooklyn
- Square Footage: 3,794
- Number of Units: 2
Power Express Mortgage served as the lender for this transaction, providing a loan amount of $3,131,250. The loan type for this acquisition deal was Acquisition. John Libretti from Progress Capital represented the buyer as the broker.
Players
New York MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.07%
Cash-on-Cash
-1.45%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93