Phillip Miller Acquires Retail Property In East Williamsburg For $2.6M
SOLD
New York
See Similar DealsRetail6,000 SF
Sold 01/17/2019
SOLD
Phillip Miller Acquires Retail Property In East Williamsburg For $2.6M
59 Graham Avenue, Brooklyn, NY 11206
See Similar DealsRetail6,000 SF
Sold 01/17/2019
Summary
NEW YORK
Asset Type:Retail
Price Per Square Foot:$433
Total Square Footage:6,000 SF
Transaction Type:Sale
The retail property located at 59 Graham Avenue in East Williamsburg has been sold. The property, measuring 6,000 square feet, was delivered vacant and in shell condition.
Summary of Transaction Details
- Property Type: Retail
- Transaction Amount: $2,600,000
- Market: East Williamsburg
- Date: 01/17/2019
- Address: 59 Graham Avenue
- Seller: The Gitlitz Family
- Buyer: Phillip Miller
- Brokers: Mike Salvatico & Shaun Riney - Marcus & Millichap
The property was sold for $2,600,000, with a price per square foot of $433. The transaction was facilitated by brokers Mike Salvatico and Shaun Riney from Marcus & Millichap.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$138,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$9,237.24
Cash-on-Cash Return-1.27%
Monthly Debt Service$12,325.33
Annual Debt Service$147,903.92
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