Benedict Realty Group Acquires Package Deal Of 10 Condo Units In Larchmont For $2.05M
10 Byron Place, Larchmont, New York 10538, United States
$2,050,000
$226/SF
Building Size
9,063 SF
Asset Type
—
Closing
Jan 18, 2022
About this deal
AI
Benedict Realty Group, represented by Charles Agus, has acquired a package deal consisting of 10 condo units located at 10 Byron Pl. in Larchmont. The sale was facilitated by DJ Johnston and Maria D'Angelo of B6 Real Estate for a total price of $2,050,000. The units are part of The Cambium Deluxe Condominiums, offering luxury amenities to its tenants.
Summary of transaction details
- Property Type: Package Deal (10 Condo Units)
- Transaction Amount: $2,050,000
- Address: 10 Byron Pl.
- Market: Larchmont
This successful transaction marks the sale of affordable condo units within The Cambium Deluxe Condominiums. The units are subject to Westchester County's Income & Rent Program Guidelines, which ensure affordable rent levels at 40% of market rents. The growth of Westchester's AMI by 25% since 2015 suggests a 5% annual rental growth, making this acquisition a sought-after opportunity for tenants.
On the Map
$2,050,000
$226/SF
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
7.74%
Cash-on-Cash
-2.21%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93