Updated Oct 28, 2024
Manor Holdings Acquires Philadelphia Multifamily Property For $51M
1406 North 31st Street, Philadelphia, PA, USA
$51,000,000
$357/SF
Building Size
142,837 SF
Asset Type
MultiFamily
Closing
Nov 5, 2021
About this deal
AI
The multifamily property located at 1406-1446 N. 31st Street in Philadelphia, PA has been sold for a price of $51,000,000. The sale took place on 11/05/2021 and was facilitated by Ken Wellar, Corey Lonberger, and Mark Duszak of Rittenhouse Realty Advisors. The property is a Class A building with a total of 201 units.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $51,000,000
- Address: 1406-1446 N. 31st Street, Philadelphia, PA
- Market: Philadelphia, PA
- Units: 201
The buyer in this transaction is Israel Terkeltaub, representing Manor Holdings. The deal was successfully negotiated with the assistance of Ken Wellar, Corey Lonberger, and Mark Duszak from Rittenhouse Realty Advisors. The property spans a total of 142,837 square feet, with a price per square foot of $357.
Players
Philadelphia MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.31%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93