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Summit Properties Acquires Multifamily Building In Washington Heights For $5.7M From Pinnacle Group
SOLD
$5,700,000
New York
See Similar DealsMultiFamily140,620 SF
Sold 03/31/2026
SOLD
Summit Properties Acquires Multifamily Building In Washington Heights For $5.7M From Pinnacle Group
281 Wadsworth Avenue & 295 Wadsworth Avenue
See Similar DealsMultiFamily140,620 SF
Sold 03/31/2026
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$40
Total Square Footage:140,620 SF
Transaction Type:Sale
A multifamily residential building located at 281 Wadsworth Avenue and 295 Wadsworth Avenue in the Washington Heights market has been purchased for $5,700,000. The property comprises 84 units with a total square footage of 70,310, resulting in a price per unit of $67,857 and a price per square foot of $81.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $5,700,000
- Units: 84
- Square Footage: 70,310
- Price Per Unit: $67,857
- Price Per Square Foot: $81
- Buyer: Summit Properties
- Seller: Pinnacle Group
- Sale Date: 03/31/2026
Summit Properties, through Flgsp 281/295 Wadsworth Ave LLC, acquired the property that was previously lost to bankruptcy by Pinnacle Group.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$304,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$20,250.89
Cash-on-Cash Return-1.27%
Monthly Debt Service$27,020.91
Annual Debt Service$324,250.90
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