Benedict Realty Group Acquires Multifamily Asset In Bedford-Stuyvesant For $3.7M
SOLD
$3,700,000
+ 2
New York
See Similar DealsMultiFamily17,985 SF
Sold 10/19/2021
SOLD
Benedict Realty Group Acquires Multifamily Asset In Bedford-Stuyvesant For $3.7M
550 Throop Avenue, Brooklyn, New York 11221, United States
See Similar DealsMultiFamily17,985 SF
Sold 10/19/2021
+ 2
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$205
Total Square Footage:17,985 SF
Transaction Type:Sale
A multifamily property located at 550 Throop Avenue in Bedford-Stuyvesant has been sold for a price of $3,700,000. The property has a building square footage of 11,000 and a price per building square foot of $336. The total square footage is 17,985, with a price per square foot of $205. The property consists of 20 units, with a price per unit of $185,000. The lot size is 5,500 square feet, with dimensions of 55 ft x 100 ft. The property is zoned as R6B and falls under tax class 2. The previous sale of the property took place on July 29, 2011, for a price of $1,650,000. A permit for alteration was issued on May 17, 2012.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $3,700,000
- Market: Bedford-Stuyvesant
- Zoning: R6B
The buyer of the property was Benedict Realty Group, and the seller was Mann Group. The transaction was facilitated by Maria D'Angelo, DJ Johnston, Ben Rechler & William Cheng from B6 Real Estate Advisors.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$197,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$13,145.33
Cash-on-Cash Return-1.27%
Monthly Debt Service$17,539.89
Annual Debt Service$210,478.65
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