Updated Dec 4, 2024
Sean Noah Rucker's PAJ Equity JV Acquires Student Housing Near Cornell University For $1.78M
108 Stewart Avenue, 202 Prospect Street & 206 Prospect Street
$1,780,000
$76/SF
Building Size
7,720 SF
Asset Type
Student Housing
Closing
Sep 26, 2023
About this deal
AI
The property at 108 Stewart Ave, 202 Prospect Street, and 206 Prospect Street has been sold in a recent transaction. Located near Cornell University and Ithaca College, this student housing property offers a total of 23 beds. The sale was facilitated by Sean Noah Rucker, the buyer, representing PAJ Equity JV. The seller in this transaction was West Shore Apartments. The property measures 7,720 square feet and was sold at a price of $1,780,000. The price per square foot comes out to be $231.
Summary of transaction details
- Property Type: Student Housing
- Transaction Amount: $1,780,000
- Number of Beds: 23
- Buyer: Sean Noah Rucker - PAJ Equity JV
- Seller: West Shore Apartments
- Market: Cornell University | Ithaca College
Sean Noah Rucker, representing PAJ Equity JV, successfully acquired the student housing property located at 108 Stewart Ave, 202 Prospect Street, and 206 Prospect Street. The sale price of $1,780,000 reflects the value of this investment. This transaction showcases the demand for student housing in the market surrounding Cornell University and Ithaca College.
Players
Ithaca Student Housing Market Snapshot
Boundary boundary · Student Housing · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
8.91%
Cash-on-Cash
-2.55%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93