Picone Realty Acquires Office Building In Melville For $7.9M
SOLD
$7,900,000
New York
See Similar DealsOffice11,300 SF
Sold 01/03/2023
SOLD
Picone Realty Acquires Office Building In Melville For $7.9M
585 Broad Hollow Road
See Similar DealsOffice11,300 SF
Sold 01/03/2023
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$699
Total Square Footage:11,300 SF
Transaction Type:Sale
The office property located at 585 Broad Hollow Road in Melville has been sold. The transaction took place on January 3, 2023, with a sale price of $7,900,000. The property spans across 11,300 square feet, resulting in a price per square foot of $699. This office asset sits on a 3-acre lot, bringing the price per acre to $2,633,333.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $7,900,000
- Square Footage: 11,300
- Price per Square Foot: $699
- Lot Size: 3 acres
- Price per Acre: $2,633,333
- Market: Melville
- Buyer: Picone Realty
The sale was facilitated by the brokers involved in the deal. Michael Tuccillo and Anthony Cerrone from Marcus & Millichap, along with Gene O'Neil from Maximum Realty Services, Inc, represented the buyer, Picone Realty.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$421,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$28,067.05
Cash-on-Cash Return-1.27%
Monthly Debt Service$37,450.03
Annual Debt Service$449,400.36
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