Medhat Mohamed Acquires Old Astoria Multifamily For $2.2M With Buyer's Rep Derek Bestreich & Seller's Rep Soccoli Family
SOLD
$2,200,000
+ 2
New York
See Similar DealsMultiFamily4,080 SF
Sold 11/18/2022
SOLD
Medhat Mohamed Acquires Old Astoria Multifamily For $2.2M With Buyer's Rep Derek Bestreich & Seller's Rep Soccoli Family
26-18 28th Street
See Similar DealsMultiFamily4,080 SF
Sold 11/18/2022
+ 2
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$539
Total Square Footage:4,080 SF
Transaction Type:Sale
A multifamily property located at 26-18 28th Street in Old Astoria, Queens has been sold in a recent transaction. The property consists of 6 units with a total square footage of 4,080. The sale price for the property was $2,200,000, resulting in a price per unit (PPU) of $366,667 and a price per square foot (PPSF) of $539.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $2,200,000
- Address: 26-18 28th Street
- Market: Old Astoria, Queens
The buyer of the property was Medhat Mohamed, while the seller was the Soccoli Family. The transaction was facilitated by brokers Derek Bestreich, Luke Sproviero, Donal Flaherty, Logan Boenning, and Sal Monteverde from Investment Property Realty Group (IPRG).
It is worth noting that the property was delivered vacant, providing flexibility for the buyer to utilize the units according to their own plans and preferences.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$117,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$7,816.15
Cash-on-Cash Return-1.27%
Monthly Debt Service$10,429.12
Annual Debt Service$125,149.47
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