Challenge:
American Investment Properties was exclusively retained to sell 2 Larkfield Rd in East Northport, New York. The mixed-use building totals almost 10,000 square feet and is located next to the Northport train station.
There were 60% of tenants with leases expiring within a year’s time. We knew we had to find an all-cash buyer to achieve the ideal sale, since the expiring rent roll made it difficult for lenders to provide financing.
Action:
Once we obtained a signed exclusive right-to-sell agreement, our team quickly brought the asset on the market for sale. Our exposure efforts included email marketing, social media, and online listing advertisements.
Our sales associates also presented this offering to their buyer pool and existing relationships.
The team effort resulted in over 30,000 total views and over 425 buyers viewing the property information online. We attracted multiple all-cash offers.
Our President, Ron Koenigsberg, advised the seller on the best terms to accept, based on their real estate goals. The best offer came from an East Meadow, NY-based real estate investor. They presented an offer of $1,750,000 and a short due diligence period, with an immediate close thereafter.
Result:
The seller accepted the $1,750,000 all-cash offer. Ron Koenigsberg successfully closed the sale at an 8.29% cap rate and $175 price per square foot.
- Sold Price: $1,750,000
- Price PSF: $175
- Cap Rate: 8.29%
View more of our sold properties here.
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