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81 Highland Avenue

Austin Deraaff & Jake Deraaff Acquire Multifamily Property In Westchester County For $14.3M
SOLDMultiFamily

Austin Deraaff & Jake Deraaff Acquire Multifamily Property In Westchester County For $14.3M

81 Highland Avenue & 89 South Highland Ave.

$14,300,000

$115/SF

Building Size

123,650 SF

Asset Type

MultiFamily

Closing

Oct 30, 2023

AI

The multifamily property located at 81-89 South Highland Ave in Westchester County has been sold for $14,300,000. The property consists of 79 units with an average price per unit of $181,013. The total square footage of the property is 61,825, with an average price per square foot of $231. The sale is reported to have a capitalization rate of 5.3%.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $14,300,000
  • Units: 79
  • Price per Unit: $181,013
  • Square Footage: 61,825
  • Price per Square Foot: $231
  • Capitalization Rate: 5.3%
  • Address: 81-89 South Highland Ave
  • Market: Westchester County

The buyers for this transaction are Austin Deraaff and Jake Deraaff. The seller is Sudesh Kapoor. Representing the buyer and seller in this deal are Michael Scrima and Thomas Gorman Jr. from Redwood Realty Advisors.

Players

Michael Scrima

Houlihan Lawrence Commercial

Broker

$214.1M

vol

60 deals

Broker
Thomas Gorman Jr.
Verified Badge

Thomas Gorman Jr.

Houlihan Lawrence Commercial

Broker

$240M

vol

62 deals

Broker

Jake Deraaff

Buyer

$35.5M

vol

6 deals

Buyer

Ossining MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

1.11%

Cash-on-Cash

-0.32%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93