Ken Maurer Acquires Retail Property In West Hempstead, Long Island For $5.65M
814 Hempstead Avenue, Queens, New York 11429, United States
$5,650,000
$558/SF
Building Size
10,125 SF
Asset Type
Retail
Closing
Apr 7, 2022
About this deal
AI
An NN-Leased CVS retail property located at 814 Hempstead Ave. in West Hempstead, Long Island, has been sold for $5,650,000. The property spans across 10,125 square feet, resulting in a price per square foot of $558. The transaction took place on 04/08/2022.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $5,650,000
- Address: 814 Hempstead Ave.
- Market: West Hempstead, Long Island
The buyer of the property is Ken Maurer, while the seller is the Durso Family. Representing the seller in this deal were Stephen R. Preuss, Kevin Louie, and Gene Spiegelman from Ripco. The transaction was facilitated by a 1031 buyer, emphasizing a 4.9% capitalization rate with 10 years remaining on the CVS lease. This information was provided by the broker involved in the deal.
On the Map
$5,650,000
$558/SF
Retail
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Players
Queens Village Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.81%
Cash-on-Cash
-0.80%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93