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Chestnut Holdings Acquires 46-Unit Multifamily Building In Washington Heights For $3.4M
SOLD
$3,425,000
New York
See Similar DealsMultiFamily35,450 SF
Sold 10/18/2023
SOLD
Chestnut Holdings Acquires 46-Unit Multifamily Building In Washington Heights For $3.4M
562 West 193rd Street
See Similar DealsMultiFamily35,450 SF
Sold 10/18/2023
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$96
Total Square Footage:35,450 SF
Transaction Type:Sale
Chestnut Holdings' 562 W 193 LLC has acquired a 46-unit residential walkup building in Washington Heights, Manhattan. The property is located at 562 West 193rd Street and was sold by Joseph Podolski's 81 Realty Co for a total price of $3,425,000. The sale took place on October 18, 2023. The building has a total square footage of 35,450, and the price per square foot is $97. Each unit in the building is valued at approximately $74,456.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $3,425,000
- Address: 562 West 193rd Street, Washington Heights, Manhattan
- Buyer: Ben Rieder - Chestnut Holdings
- Seller: Joseph Podolski
The buyer, Ben Rieder, representing Chestnut Holdings, successfully completed the acquisition. This purchase adds to Chestnut Holdings' investment portfolio in the Washington Heights area of Manhattan.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$182,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$12,168.31
Cash-on-Cash Return-1.27%
Monthly Debt Service$16,236.25
Annual Debt Service$194,834.97
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