Pelham bulding sold after flurry of offers.
The size of the property is 152 x 138, with the building being built 141 x 123. It sits on the southeast corner of Williamsbridge Road and Pelham Parkway South. The building consists of 63 apartments, including one professional unit plus an underground parking garage which has a 12 car capacity. The property, built in 1959, features air-conditioning sleeves, new roof, boiler, mailboxes and updated lobby.
The property sold for a gross rent multiple of 10.25 and a capitalization rate of just over 5% (excluding cell tower and laundry income). The price per apartment is over $130,000 which translates into a sale price of approximately $31,500 per room.
"This property was under the same ownership for over 35 years and represented a truly exceptional opportunity to purchase a well-kept building in a prestigious location, virtually a once in a lifetime deal", said WRA Properties President, Frank T. Chiarello.
Senior sales associate, Marc Alper added, "We had multiple offers on this unique property due to its location and co-op potential."
The owner selected WRA to exclusively represent them and WRA Properties was the sole broker on this transaction.
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|Publication:||Real Estate Weekly|
|Article Type:||Brief Article|
|Date:||Mar 1, 2006|
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