The Bridge Inc. Acquires Multifamily Property In Morrisania For $13M
SOLD
$13,000,000
New York
See Similar DealsMultiFamily34,964 SF
Sold 11/18/2020
SOLD
The Bridge Inc. Acquires Multifamily Property In Morrisania For $13M
1228 Washington Avenue, West Bronx, The Bronx, NY, USA
See Similar DealsMultiFamily34,964 SF
Sold 11/18/2020
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$371
Total Square Footage:34,964 SF
Transaction Type:Sale
The property involved in this closed transaction is a multifamily asset located at 1228 Washington Avenue in Morrisania. The property is zoned as R7-1 and C2-4, allowing for multiple use options. The transaction took place on 11/18/2020.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $13,000,000
- Address: 1228 Washington Avenue
- Market: Morrisania
- Total Square Footage: 34,964
- Price per Square Foot: $371
The buyer in this transaction is The Bridge Inc., while the seller is Yehuda Cohen. The previous sale of the property occurred on 12/2017 for $975,000.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$693,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$46,186.27
Cash-on-Cash Return-1.27%
Monthly Debt Service$61,626.63
Annual Debt Service$739,519.59
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