Meridian Properties Acquires Multifamily Building From Semen Family In Bensonhurst For $6M
SOLD
$6,000,000
New York
See Similar DealsMultiFamily48,000 SF
Sold 08/23/2024
SOLD
Meridian Properties Acquires Multifamily Building From Semen Family In Bensonhurst For $6M
7920 19th Avenue
See Similar DealsMultiFamily48,000 SF
Sold 08/23/2024
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$125
Total Square Footage:48,000 SF
Transaction Type:Sale
The property asset involved in the transaction is a multifamily building located at 7920 19th Avenue in Bensonhurst, Brooklyn. The sale price was $6,000,000 for this well-managed building, which comprises 48 units and covers a total area of 48,000 square feet. The price per unit was calculated at $125,000, and the price per square foot is also $125.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $6,000,000
- Units: 48
- Square Footage: 48,000
- Price per Unit: $125,000
- Price per Square Foot: $125
- Buyer: Meridian Properties
- Seller: Semen Family
- Brokers: John Brennan & Bryan Ellis - Marcus & Millichap
John Brennan and Bryan Ellis represented the seller, Semen Family, in this transaction. The brokers noted that the building has an excellent history of rent collections and minimal violations, emphasizing its well-managed nature.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$319,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$21,316.74
Cash-on-Cash Return-1.27%
Monthly Debt Service$28,443.06
Annual Debt Service$341,316.73
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