Yong Xiang Li Acquires Mixed-Use Property In Brooklyn For $1.28M
1001 39th Street
3,500 SF
Summary
The mixed-use property located at 1001 39th St. in Borough Park, Brooklyn was recently sold for $1.28 million. The transaction took place on January 25, 2109 and was facilitated by brokers John Brennan & Samuel Finkler of Marcus & Millichap NY. The property spans 3,500 square feet and has an attractive price per square foot of $366. With a total of 3 units, the property offers a capitalization rate of 4.86%. According to the pro-forma calculations, the capitalization rate reaches 5.55%. The gross rent multiplier for the property is 15.06, which decreases to 13.42 based on the pro-forma calculations.
Summary of transaction details:
- Property Type: Mixed-Use
- Transaction Amount: $1.28 million
- Square Footage: 3,500
- Price per Square Foot: $366
- Units: 3
- Capitalization Rate: 4.86%
- Pro-Forma Capitalization Rate: 5.55%
- Gross Rent Multiplier: 15.06
- Pro-Forma Gross Rent Multiplier: 13.42
The seller of the property was Antonio Branchinelli, while the buyer was Yong Xiang Li. The successful transaction was made possible by the expertise of brokers John Brennan & Samuel Finkler from the Marcus & Millichap NY agency.
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