Carter Martin Acquires Multifamily Property On 476 Irving Avenue, Bushwick, Brooklyn For $3.58M
SOLD
New York
See Similar DealsMultiFamily4,256 SF
Sold 06/23/2022
SOLD
Carter Martin Acquires Multifamily Property On 476 Irving Avenue, Bushwick, Brooklyn For $3.58M
476 Irving Avenue, Brooklyn, New York 11237, United States
See Similar DealsMultiFamily4,256 SF
Sold 06/23/2022
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$841
Total Square Footage:4,256 SF
Transaction Type:Sale
The multifamily property located at 476 Irving Avenue in Bushwick, Brooklyn was recently sold in a closed transaction. The property is zoned R6 and has a lot size of 1,900 square feet. The building has a total BSF (building square footage) of 4,617, with an average price per BSF of $775. The total SF (square footage) of the property is 4,256, with an average price per SF of $841. The property has a FAR (floor area ratio) of 2.24 and is classified as tax class 2A. The last recorded sale of the property was on October 9, 2018, for a price of $1,150,000. There was an alteration permit issued on December 13, 2018.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $3,580,000
- Buyer: Carter Martin
- Seller: Rosemary Hayden
In this transaction, Carter Martin represented the buyer, and Rosemary Hayden represented the seller. The property was sold for a total price of $3,580,000. The sale price per BSF was $775, and the sale price per SF was $841.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$190,933.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$12,719.00
Cash-on-Cash Return-1.27%
Monthly Debt Service$16,971.03
Annual Debt Service$203,652.32
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