Kahen Properties Acquires Midtown East Multifamily For $24M
SOLD
$24,000,000
New York
See Similar DealsMultiFamily17,100 SF
Sold 07/12/2022
SOLD
Kahen Properties Acquires Midtown East Multifamily For $24M
1024 3rd Avenue
See Similar DealsMultiFamily17,100 SF
Sold 07/12/2022
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$1,403
Total Square Footage:17,100 SF
Transaction Type:Sale
The multifamily property located at 1020-1024 3rd Ave in Midtown East has been sold for a total price of $24,000,000. The buyer, Kahen Properties, acquired the property from the seller, Jans Investment Company. The sale was facilitated by brokers Clint Olsen and Stephen Godnick from JLL. The property consists of 28 units and spans across 17,100 square feet. The price per unit stands at $857,142, while the price per square foot is $1,403.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $24,000,000
- Units: 28
- Price per Unit: $857,142
- Square Footage: 17,100
- Price per Square Foot: $1,403
The sale of this multifamily property at 1020-1024 3rd Ave was facilitated by brokers Clint Olsen and Stephen Godnick from JLL, representing both the buyer, Kahen Properties, and the seller, Jans Investment Company. This transaction marks a significant milestone in the Midtown East market, showcasing the continued demand for multifamily properties in the area.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,279,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$85,266.94
Cash-on-Cash Return-1.27%
Monthly Debt Service$113,772.24
Annual Debt Service$1,365,266.93
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