Updated Oct 28, 2024
Liberty Affordable Housing Acquires Development Site In Utica For $2.8M
1431 Genesee Street, Utica, New York 13501, United States
$2,800,000
$18/SF
Building Size
155,000 SF
Asset Type
Development Site
Closing
Dec 21, 2021
About this deal
AI
1431 Genesee St. - Olbiston Apartments, a development site in Utica, was recently sold for $2,800,000. The buyer in this transaction was Liberty Affordable Housing. The sale was facilitated by Robert Wais, representing the seller. The property spans an area of 155,000 square feet and is set to undergo a complete gut rehabilitation.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $2,800,000
- Market: Utica
- Buyer: Liberty Affordable Housing
- Seller's Representative: Robert Wais
- Address: 1431 Genesee St. - Olbiston Apartments
- BSF: 155,000 square feet
Note from @robwais: Valorev is actively operating & invested in multiple Industries including Real Estate construction & development Tech, Music, TV & Entertainment plus many more. For general business inquiries related to investment, please reach out to [email protected]
Players
City of Utica Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.67%
Cash-on-Cash
-1.62%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93