Meridian Capital Group Negotiates Sale Of 23-Unit Multifamily Property In South Richmond Hill For $2.5M

This multifamily asset is located at 104-20 115th Street in the South Richmond Hill market. It was sold for $2,500,000. The property consists of 23 units, with a total square footage of 17,986. The price per unit stands at $108,695, while the price per square foot is $138. It has a Gross Rent Multiplier (GRM) of 5.9x and a capitalization rate of 7.1%. This 100% rent-stabilized property has zero violations and strong collections.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $2,500,000
• Units: 23
• Square Footage: 17,986
• Price Per Unit: $108,695
• Price Per Square Foot: $138
• Gross Rent Multiplier: 5.9x
• Capitalization Rate: 7.1%
• Brokers: Amit Doshi, Shallini Mehra & Ryan Delmonte - Meridian Capital Group

Amit Doshi, Shallini Mehra, and Ryan Delmonte from Meridian Capital Group represented the deal for the seller. They facilitated the transaction process, ensuring that the property sale proceeded smoothly.