Musa Momin Acquires Retail Property In Freeport From D Properties For $5.35M
1607 East State Highway 332
$5,350,000
$535/SF
Building Size
10,000 SF
Asset Type
Retail
Closing
Dec 30, 2024
AI
The transaction involved the sale of a retail asset located at 1607 East State Highway 332 in Freeport. The property, a Shell gas station with an on-site laundromat, transacted for a total sale price of $5,350,000. It encompasses a total square footage of 10,000, resulting in a price per square foot of $535.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $5,350,000
- Square Footage: 10,000
- Address: 1607 East State Highway 332
- Market: Freeport
- Buyer: Musa Momin
- Seller: D Properties
- Broker: Shoby Kurjee - SK Real Estate Consulting
The deal was facilitated by Shoby Kurjee of SK Real Estate Consulting, who represented the seller in the transaction. SK Real Estate was committed to a strategic structure for the sale, ensuring a smooth and expedited closing process.
Players
Freeport 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
2.97%
Cash-on-Cash
-0.85%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93