Manor Holdings Acquires Philadelphia Multifamily Property For $51M
SOLD
$51,000,000
Pennsylvania
See Similar DealsMultiFamily142,837 SF
Sold 11/05/2021
SOLD
Manor Holdings Acquires Philadelphia Multifamily Property For $51M
1406 North 31st Street, Philadelphia, PA, USA
See Similar DealsMultiFamily142,837 SF
Sold 11/05/2021
Summary
PENNSYLVANIA
Asset Type:MultiFamily
Price Per Square Foot:$357
Total Square Footage:142,837 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,719,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$181,192.23
Cash-on-Cash Return-1.27%
Monthly Debt Service$241,766.02
Annual Debt Service$2,901,192.23
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