GreyHill Group Acquires Multifamily Property In Albany For $5.75M From Seller Norstar Property Management
SOLD
$5,750,000
New York
See Similar DealsMultiFamily48,800 SF
Sold 02/07/2022
SOLD
GreyHill Group Acquires Multifamily Property In Albany For $5.75M From Seller Norstar Property Management
733 Broadway, Albany, New York 12207, United States
See Similar DealsMultiFamily48,800 SF
Sold 02/07/2022
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$117
Total Square Footage:48,800 SF
Transaction Type:Sale
The multifamily property located at 733 Broadway in Albany was recently sold in a transaction facilitated by Jesse Tranvaag from Berkshire Hathaway HomeServices Blake on behalf of the seller, Norstar Property Management. The buyer, GreyHill Group, was represented by Moshe Bloorian.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $5,750,000
- Address: 733 Broadway
- Market: Albany
The property consists of 31 units with an average price per unit of $185,483. The total square footage of the property is 48,800, with a price per square foot of $117.
With this transaction, GreyHill Group acquired the multifamily property, while Norstar Property Management divested their ownership. Jesse Tranvaag from Berkshire Hathaway HomeServices Blake represented the seller, and Moshe Bloorian represented the buyer.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$306,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$20,428.53
Cash-on-Cash Return-1.27%
Monthly Debt Service$27,257.93
Annual Debt Service$327,095.20
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