Rick Herman's Prana Acquires Multifamily Property In Soundview, Bronx For $15M
SOLD
$15,000,000
+ 2
New York
See Similar DealsMultiFamily101,400 SF
Sold 02/21/2020
SOLD
Rick Herman's Prana Acquires Multifamily Property In Soundview, Bronx For $15M
1491 Watson Avenue, East Bronx, Bronx, NY, USA
See Similar DealsMultiFamily101,400 SF
Sold 02/21/2020
+ 2
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$147
Total Square Footage:101,400 SF
Transaction Type:Sale
The multifamily property located at 1491-1493 Watson Avenue & 1126-1130 Evergreen Avenue in Soundview, Bronx has been sold for a price of $15,000,000. The property spans across 101,400 square feet, with a price per square foot of $148. It consists of 120 apartments and boasts a 5.3% capitalization rate. The entire property is 100% rent stabilized, making it an attractive investment opportunity.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $15,000,000
- Square Footage: 101,400
- Price per Square Foot: $148
- Number of Apartments: 120
- Capitalization Rate: 5.3%
The sale was facilitated by Elizabeth Crane of Rosedale Management, who represented the seller, and Rick Herman of Prana, who acted as the buyer. The transaction was overseen by brokers Amit Doshi, David Schechtman, and Shallini Mehra from Team Doshi at Meridian Capital Group.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$799,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$53,291.84
Cash-on-Cash Return-1.27%
Monthly Debt Service$71,107.65
Annual Debt Service$853,291.83
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