Mosheref Hussain Acquires 21-Unit Rent-Stabilized Multifamily Building In Kensington For $3.35M
SOLD
$3,350,000
New York
See Similar DealsMultiFamily16,000 SF
Sold 10/07/2019
SOLD
Mosheref Hussain Acquires 21-Unit Rent-Stabilized Multifamily Building In Kensington For $3.35M
110 Avenue C, Brooklyn, NY 11218, USA
See Similar DealsMultiFamily16,000 SF
Sold 10/07/2019
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$209
Total Square Footage:16,000 SF
Transaction Type:Sale
A multifamily property located at 110 Avenue C in Kensington, Brooklyn, was recently sold in a closed transaction. This property consists of 21 units and spans approximately 16,000 square feet. The seller, Steven Gross of Manor Management, agreed to sell the property to the buyer, Mosheref Hussain, for a price of $3,350,000. The asking price for the property was $4,000,000. The transaction reflects a price per square foot of $209 and a price per unit of $159,523.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $3,350,000
- Address: 110 Avenue C
- Market: Kensington, Brooklyn
In this deal, Lev Mavashev from ALPHA REALTY represented the buyer. The transaction was conducted on behalf of Mosheref Hussain. It is notable that the property is 100% rent-stabilized, ensuring stability for the tenants. Additional financial details include a gross income of $238,795.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$178,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$11,901.84
Cash-on-Cash Return-1.27%
Monthly Debt Service$15,880.71
Annual Debt Service$190,568.51
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