The Harkham Family Acquires Multifamily Building In Washington Heights For $26.75M
SOLD
$26,750,000
New York
See Similar DealsMultiFamily167,948 SF
Sold 04/20/2022
SOLD
The Harkham Family Acquires Multifamily Building In Washington Heights For $26.75M
555 Edgecombe Avenue, New York City, New York 10032, United States
See Similar DealsMultiFamily167,948 SF
Sold 04/20/2022
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$159
Total Square Footage:167,948 SF
Transaction Type:Sale
Located in Washington Heights, Manhattan, the multifamily property at 555 Edgecombe Ave. has recently been sold for a total of $26,750,000. The property consists of 128 units, with an average price per unit of $208,984. The total square footage of the property is 168,000, resulting in a price per square foot of $159.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $26,750,000
- Address: 555 Edgecombe Ave.
- Market: Washington Heights, Manhattan
The buyer of the property is The Harkham Family. The sale was facilitated by the brokers Seth Glasser, Joe Koicim, and Jake Kahn of Marcus & Millichap.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,426,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$95,037.10
Cash-on-Cash Return-1.27%
Monthly Debt Service$126,808.65
Annual Debt Service$1,521,703.77
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