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Perez-Meyer Family Acquires Multifamily Property In Park Slope, Brooklyn For $3.1M

Property Image
SOLD
$3,100,000

New York

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MultiFamily3,176 SF
Sold 07/12/2022
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Property Image
SOLD

Perez-Meyer Family Acquires Multifamily Property In Park Slope, Brooklyn For $3.1M

555 9th Street

See Similar Deals
MultiFamily3,176 SF
Sold 07/12/2022
Contact now

Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$976
Total Square Footage:3,176 SF
Transaction Type:Sale

The multifamily property located at 555 9th St. in Park Slope, Brooklyn has been sold for $3,100,000. The property spans across 3,176 square feet, resulting in a price per square foot of $976.

Summary of transation details:

In this transaction, the buyer was the Perez-Meyer Family, while the seller was the Estate of Giuseppa Gioino. Representing both parties in the deal were Mark Zarrella and Shaun Riney from Marcus & Millichap. They successfully facilitated the sale of the property.

It is worth noting that the listing brokers, Mark Zarrella and Shaun Riney, have a portfolio of free-market apartments within 2 blocks of Prospect Park on the private market. For more information, interested parties can contact Shaun at 718-475-4369 or Mark at 718-475-4376.

Additional details about the property include its proximity to Prospect Park and the potential for renovation at an assumed cost of $225 per square foot, which would amount to approximately $1,201 in additional expenses.

Players

Mark Zarrella
38 deals$262.2M volume(718) 475-4376
BROKER

Shaun Riney
Marcus & Millichap
355 deals$1.8B volume(718) 475-4369
BROKER

SELLER

Details

SOLD
IMAGE: Shaun Riney & Mark Zarrella DATE: 07/12/2022 ADDRESS: 555 9th St. MARKET: Park Slope, Brooklyn ASSET TYPE: Multifamily BUYER: Perez-Meyer Family SELLER: Estate of Giuseppa Gioino BROKERS: Mark Zarrella (@MarkZarrella) & Shaun Riney (@ShaunRiney1) - Marcus & Millichap SALE PRICE: $3,100,000 SF: 3,176 ~ PPSF: $976 NOTE FROM BROKER: Listing brokers have a portfolio of free-market apartments within 2 blocks of Prospect Park on the private market. Please reach out for details at 718-475-4369 for Shaun or 718-475-4376 for Mark. - Steps away from Prospect Park - PPSF: $976 - PPU: $1,033,333 - (+) RENO assuming $225/SF: $1,201

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$11,013.66
Cash-on-Cash Return-1.27%
Monthly Debt Service$14,695.58
Annual Debt Service$176,346.98