Insite Property Group Acquires Self Storage Facility In Gowanus, Brooklyn For $6.5M
88 9th St, Brooklyn, NY 11215, USA
$6,500,000
$161/SF
Building Size
40,200 SF
Asset Type
Other
Closing
Oct 12, 2020
AI
A self-storage property located at 88 9th Street in Gowanus, Brooklyn, has been sold in a closed transaction. The property, with a lot size of 222 ft x [...], is zoned for M2-1 use and falls under tax class 4. The transaction took place on October 13, 2020.
Summary of transaction details
- Property Type: Self Storage
- Transaction Amount: $6,500,000
- Square Footage: 40,200
- Price per Square Foot: $161
- Market: Gowanus, Brooklyn
- Buyer: Insite Property Group
- Seller: Charles Devito
- Brokers: Alexandra Rossland, David Marciano – Westbridge Realty Group
Alexandra Rossland and David Marciano, representing the @WestbridgeRealty Group, facilitated the transaction between the buyer, Insite Property Group, and the seller, Charles Devito.
Players
New York Other Market Snapshot
Boundary boundary · Other · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.44%
Cash-on-Cash
-0.70%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93