Davean Holdings Acquires Multifamily Asset In Park Slope For $8M
SOLD
$8,000,000
+ 1
New York
See Similar DealsMultiFamily16,120 SF
Sold 07/14/2022
SOLD
Davean Holdings Acquires Multifamily Asset In Park Slope For $8M
704 8th Avenue, New York City, New York 10036, United States
See Similar DealsMultiFamily16,120 SF
Sold 07/14/2022
+ 1
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$496
Total Square Footage:16,120 SF
Transaction Type:Sale
The multifamily property located at 704 8th Avenue in Park Slope, Brooklyn, was recently sold in a closed transaction. The property features a total of 15 units with a selling price of $8,000,000, resulting in a per unit price of $533,333. The building spans across 16,120 square feet, giving it a price per square foot of $496.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $8,000,000
- Address: 704 8th Avenue, Park Slope
- Market: Park Slope
The buyer of the property is Davean Holdings, represented by Sean Lefkovits and David Lloyd. The transaction was facilitated by brokers Adam J. Hess and Edward Setton from Meridian Capital Group. Notably, this is the second time Team Hess has been involved in the sale of 704 8th Avenue, as they previously sold it as part of a $37 million Park Slope portfolio sale in 2013.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$426,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$28,422.30
Cash-on-Cash Return-1.27%
Monthly Debt Service$37,924.08
Annual Debt Service$455,088.98
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