Frank Picone Acquires South Slope Multifamily Property For $2.365M
414 Prospect Ave, Brooklyn, NY 11215, USA
$2,365,000
$48/SF
Building Size
48,760 SF
Asset Type
MultiFamily
Closing
Sep 24, 2018
AI
The multifamily property located at 414 Prospect Avenue in South Slope, Brooklyn, NY has been sold. The property spans 4,876 square feet and was sold for a price of $2,365,000, resulting in a price per square foot of $485. The transaction was completed at a rate of $394,167 per unit, with a capitalization rate of 5.10% and a gross rent multiplier of 14.39.
Summary of transaction details
- Property Type: Multifamily
- Sale Price: $2,365,000
- Square Footage: 4,876 SF
- Price Per Square Foot: $485
- Price Per Unit: $394,167
- Capitalization Rate: 5.10%
- Gross Rent Multiplier: 14.39
The seller of the property was Jill Merritt, while the buyer was Frank Picone. John Brennan and Richard Sodeke, representing their respective broker agency, were responsible for facilitating the transaction.
Players
New York MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
6.71%
Cash-on-Cash
-1.92%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93