Light Grove Capital Acquires Multifamily Property In Brooklyn For $3.35M
SOLD
$3,350,000
New York
See Similar DealsMultiFamily2,800 SF
Sold 12/08/2022
SOLD
Light Grove Capital Acquires Multifamily Property In Brooklyn For $3.35M
18 Orient Avenue
See Similar DealsMultiFamily2,800 SF
Sold 12/08/2022
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$1,196
Total Square Footage:2,800 SF
Transaction Type:Sale
Located at 18 Orient Avenue in Brooklyn, this multifamily property was recently sold in a closed transaction. The property encompasses 2,800 square feet and consists of 3 units. The sale price for this property was $3,350,000, averaging to a price per unit of $1,116,667. The price per square foot equates to $1,196.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $3,350,000
- Address: 18 Orient Avenue
- Market: Brooklyn
Light Grove Capital, represented by Mike Pitman, acquired the property from Karl Larocca. The sales transaction was facilitated by Yuval Vidal from Compass. This deal showcases the involvement of key individuals and companies in the real estate market of Brooklyn.
Players
Details
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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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