Updated Sep 9, 2024
Adam Hess & Edward Setton Sell Multifamily Property In Brooklyn's 812 8th Avenue For $5.5M
812 8th Avenue, Brooklyn, NY, USA
$5,500,000
$521/SF
Building Size
10,545 SF
Asset Type
MultiFamily
Closing
Nov 22, 2020
About this deal
AI
Adam Hess and Edward Setton facilitated the sale of a multifamily property located at 812 8th Avenue in Brooklyn. The transaction was completed on November 23, 2020.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $5,500,000
- Address: 812 8th Avenue
- Market: Brooklyn
- Asset Type: Multifamily
- Zoning: R7B
The property spans a total area of 10,545 square feet, with 11,298 buildable square feet. It consists of 16 units, with each unit priced at $343,750. The price per square foot is $521, and the price per buildable square foot is $486. The property's capitalization rate is 4.5%, and the gross rent multiplier is 13.
The tax classification for the property is class 2. Adam Hess and Edward Setton from @TeamHessBK acted as the brokers for this transaction.
Players
New York MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.88%
Cash-on-Cash
-0.82%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93