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414 Prospect Ave, Brooklyn,...

Frank Picone Acquires South Slope Multifamily Property For $2.365M
SOLDMultiFamily

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

John Brennan

Marcus & Millichap

Broker

$190.2M

vol

74 deals

Broker

Frank Picone

Buyer

$13M

vol

6 deals

Buyer

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