CMM Housing LLC Acquires Multifamily Asset In Woodhaven For $1.25M With Brokers Amit Doshi Shallini Mehra Luke Rizzo

The asset involved in the transaction is a multifamily property located at 87-05 89th Avenue in the Woodhaven market. It was sold for $1,250,000, encompassing 20 units across a total square footage of 17,600. The price per unit is calculated at $62,500, while the price per square foot stands at $71. The Gross Rent Multiplier (GRM) is noted at 3.5X and the capitalization rate exceeds 10%. This transaction marks the first sale of the property in over 60 years, having been contracted closed all cash in just four weeks. The property is described as an underperforming fully rent stabilized asset.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $1,250,000
• Units: 20
• Price per Unit: $62,500
• Square Footage: 17,600
• Price per Square Foot: $71
• Gross Rent Multiplier: 3.5X
• Capitalization Rate: 10%+
• Buyer: CMM Housing LLC
• Brokers: Amit Doshi, Shallini Mehra & Luke Rizzo - Meridian Capital Group

The deal involved key brokerage representatives Amit Doshi, Shallini Mehra, and Luke Rizzo, who represented the buyer during the transaction process. Their involvement facilitated the all-cash sale within the expedited timeframe, showcasing their effectiveness in navigating the complexities of real estate transactions.