Listed by KW Commercial Woodbury - East Suburban
$1,495,000
883 Payne Ave
Details
APN 29-29-22-42-0189
Property Type Mixed Use, Multifamily
Sub Type Apartment Building, Bar
Square Footage 12,156
Units 7
Cap Rate 5.91%
NOI $88,315
Occupancy 100%
Pro-Forma Cap Rate 7.34%
Pro-Forma NOI $109,723
Price per SqFt $123
Broker Co-Op Yes
Class C
Year Built 1906
Buildings 1
Stories 2
Acreage 0.136
Zoning B2 Community Business
Investment Type Redevelopment
Ownership Fee and Simple
Sale Condition For sale by owner
Mixed Use | Value Add or Redevelop
Marketing description
883 Payne Ave is a 7-unit mixed-use asset on Payne Ave featuring 2 street-level restaurant suites and 5 apartments, plus a dedicated on-site parking lot. The property produces $192,792 in current gross/effective income with NOI of $88,315, and the market pro forma projects $214,200 in income with NOI of $109,723, creating a clear value-add path with long-term redevelopment optionality tied to the parking lot and corridor growth.
Listing Contacts
Listed by KW Commercial Woodbury - East Suburban
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$88,315.00
$7,359.58/mo
Valuation Metrics
0
DSCR
5.91%
Cap Rate
5.91%
ROI
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