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
About this deal
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
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