Ken Maurer Acquires Retail Property In West Hempstead, Long Island For $5.65M
SOLD
$5,650,000
+ 1
New York
See Similar DealsRetail10,125 SF
Sold 04/08/2022
SOLD
Ken Maurer Acquires Retail Property In West Hempstead, Long Island For $5.65M
814 Hempstead Avenue, Queens, New York 11429, United States
See Similar DealsRetail10,125 SF
Sold 04/08/2022
+ 1
Summary
NEW YORK
Asset Type:Retail
Price Per Square Foot:$558
Total Square Footage:10,125 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$301,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$20,073.27
Cash-on-Cash Return-1.27%
Monthly Debt Service$26,783.88
Annual Debt Service$321,406.59
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