Prana Investments Acquires Multifamily Property In Morris Heights, Bronx For $9.83M
SOLD
$9,825,000
+ 2
New York
See Similar DealsMultiFamily66,936 SF
Sold 10/06/2020
SOLD
Prana Investments Acquires Multifamily Property In Morris Heights, Bronx For $9.83M
1738 University Ave, The Bronx, NY 10453, USA
See Similar DealsMultiFamily66,936 SF
Sold 10/06/2020
+ 2
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$146
Total Square Footage:66,936 SF
Transaction Type:Sale
The multifamily property located at 1738 University Ave in Morris Heights, Bronx, was recently sold for a price of $9,825,000. The property spans across 66,936 square feet, resulting in a price per square foot of $146. The asset is zoned as R7-1 and C1-4, indicating its purpose for multifamily use.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $9,825,000
- Square Footage: 66,936
- Price per Square Foot: $146
- Address: 1738 University Ave
- Market: Morris Heights, Bronx
Prana Investments, represented by Rick Herman, served as the buyer in this transaction, while Rosedale Management, represented by Elizabeth Crane, acted as the seller. The deal was facilitated by brokers Amit Doshi, David Schechtman, and Shallini Mehra from Meridian Capital Group and Team Doshi.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$523,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$34,906.16
Cash-on-Cash Return-1.27%
Monthly Debt Service$46,575.51
Annual Debt Service$558,906.15
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