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375 Main Street

Ravi Kota Purchases Office Unit At 375 E Main Street Bay Shore For $1.275M
SOLDOffice

Ravi Kota Purchases Office Unit At 375 E Main Street Bay Shore For $1.275M

375 Main Street

$1,275,000

$213/SF

Building Size

5,984 SF

Asset Type

Office

Closing

Aug 20, 2024

AI

The property involved in this transaction is an office unit located at 375 E Main Street - Unit 24 in the Bay Shore market. The sale price for this asset is $1,275,000, covering a total area of 5,984 square feet, which results in a price per square foot of $213.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $1,275,000
  • Buyer: Ravi Kota
  • Seller: Gary Tarshis
  • Brokers: Ben Tapper & Sean Slattery - Lee & Associates
  • Square Footage: 5,984
  • Price Per Square Foot: $213
  • Date of Transaction: 08/20/2024
  • Market: Bay Shore

This transaction marks the sixth unit sold by Lee & Associates within the Bay Shore Medical Arts Complex, representing over 30% of the building's total square footage. The brokering team for this deal includes Ben Tapper and Sean Slattery from Lee & Associates, who facilitated the transaction.

Players

Ben Tapper

Lee & Associates

Broker

$213.5M

vol

15 deals

Broker

Bay Shore Office Market Snapshot

Boundary boundary · Office · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

12.44%

Cash-on-Cash

-3.56%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93