Chambers Family Acquires Multifamily Property On 50th Avenue For $1.65M
SOLD
$1,650,000
New York
See Similar DealsMultiFamily2,970 SF
Sold 06/30/2023
SOLD
Chambers Family Acquires Multifamily Property On 50th Avenue For $1.65M
5-09 50th Ave Long Island City, NY 11101, USA
See Similar DealsMultiFamily2,970 SF
Sold 06/30/2023
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$555
Total Square Footage:2,970 SF
Transaction Type:Sale
A multifamily property located at 5-09 50th Avenue in Hunters Point has been sold for a total of $1,650,000. The property consists of 3 units with a price per unit of $550,000. The total square footage is 2,970, resulting in a price per square foot of $556.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $1,650,000
- Units: 3
- Price Per Unit: $550,000
- Square Footage: 2,970
- Price Per Square Foot: $556
- Address: 5-09 50th Avenue
- Market: Hunters Point
The buyer of the property is the Chambers Family, while the seller is the Estate of Robert Benini. The broker representing the buyer is Paul Youssef from FTS Capital.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$88,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$5,862.09
Cash-on-Cash Return-1.27%
Monthly Debt Service$7,821.84
Annual Debt Service$93,862.10
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