Neer Sachar Acquires Multifamily Property On Forest Avenue In Bronx For $485K
SOLD
$485,000
New York
See Similar DealsMultiFamily30,550 SF
Sold 08/28/2020
SOLD
Neer Sachar Acquires Multifamily Property On Forest Avenue In Bronx For $485K
1131 Forest Ave, Staten Island, NY 10310, USA
See Similar DealsMultiFamily30,550 SF
Sold 08/28/2020
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$15
Total Square Footage:30,550 SF
Transaction Type:Sale
1131 Forest Avenue is a multifamily property located in the historic Morris High School landmark district of Morrisania in the Bronx. This property was recently acquired through a bankruptcy auction. With a total square footage of 3,055, the property offers ample space for residents. The sale price for 1131 Forest Avenue was $485,000, resulting in a price per square foot of $158.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $485,000
- Address: 1131 Forest Avenue
- Market: Bronx
Neer Sachar was the buyer of 1131 Forest Avenue, while James Mcgown acted as the seller in this transaction.
It is worth mentioning that the property's acquisition was made possible through a bankruptcy auction. Neer Sachar, the buyer, plans on restoring and preserving this property located in the Morris High School landmark district of Morrisania.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$25,866.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$1,723.09
Cash-on-Cash Return-1.27%
Monthly Debt Service$2,299.15
Annual Debt Service$27,589.77
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