Mike Pitman Acquires Multifamily Property On Devoe St. In Williamsburg, Brooklyn For $1.6M
SOLD
$1,625,000
New York
See Similar DealsMultiFamily2,640 SF
Sold 11/23/2021
SOLD
Mike Pitman Acquires Multifamily Property On Devoe St. In Williamsburg, Brooklyn For $1.6M
59 Devoe St, Williamsburg, Brooklyn, NY, USA
See Similar DealsMultiFamily2,640 SF
Sold 11/23/2021
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$615
Total Square Footage:2,640 SF
Transaction Type:Sale
Located in the heart of Williamsburg, Brooklyn, the multifamily property at 59 Devoe St. has recently changed hands in a sale transaction. The transaction took place on November 23, 2021, with a sale price of $1,625,000. This two-unit property offers a total of 2,640 square feet of space, translating to a price per square foot of $615. With an average of $812,500 per unit, this property presents an attractive investment opportunity in the thriving Williamsburg market.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $1,625,000
- Units: 2
- Price Per Unit: $812,500
- Square Footage: 2,640
- Price Per Square Foot: $615
The buyer in this transaction is Mike Pitman, who saw the potential of this property in the competitive Brooklyn market. Representing the buyer in this deal was Paula Manna from Compass, a trusted agency known for their expertise in property transactions.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$86,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$5,773.29
Cash-on-Cash Return-1.27%
Monthly Debt Service$7,703.33
Annual Debt Service$92,439.95
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