Updated Oct 29, 2024
Beach Hospitality Acquires Multifamily Property In Westhampton Beach For $2M
7 Beach Ln, Westhampton Beach, NY 11978, USA
$2,000,000
$285/SF
Building Size
7,000 SF
Asset Type
MultiFamily
Closing
Sep 30, 2020
About this deal
AI
The Grassmere Inn at 7 Beach Lane, Westhampton Beach, NY has been sold for $2,000,000. The multifamily property, situated on 1 acre of land, offers a total of 7,000 square feet of space. The sale price translates to a price per square foot of $285. The transaction included the transfer of keys for 17 units, resulting in a price per key of $117,647.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $2,000,000
- Address: 7 Beach Lane, Westhampton Beach, NY
- Market: Westhampton Beach
Beach Hospitality was the buyer of the Grassmere Inn, while Peter Kaplan acted as the seller. The transaction was facilitated by Corey Gluckstal from FivePointRealEstate, serving as the broker representing the parties involved in the deal.
NOTE: The Grassmere Inn at 7 Beach Lane, Westhampton Beach, NY is...
On the Map
$2,000,000
$285/SF
MultiFamily
View full map
Westhampton Beach MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
Loading comparables…
Deal FAQ
Visit Corey Gluckstal to view all their deals.
Browse New York multifamily sales on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
7.93%
Cash-on-Cash
-2.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93