A&G Real Estate Partners is auctioning a portfolio of 12 multifamily buildings with a total of 30 units in New Rochelle—a rare opportunity given the tight supply of residential real estate in Westchester County.
The sealed-bid deadline for the auction is February 23. A&G Realty Brokerage, LLC, is conducting the sale on behalf of a private seller.
Located within walking distance of Iona College, the 12 assets range in size from 1,600 to 8,000 square feet. They include 10 two-unit houses, as well as a three-unit building and a seven-unit building. Lot sizes range from 3,485 to 12,197 square feet.“The terms are flexible, so investors can acquire one, several or all of these strong residential assets in the auction,” noted Emilio Amendola, Co-President of A&G. “A buyer could easily live in one unit and rent the others, and the close proximity of these 12 assets to one another makes property management more efficient.”The portfolio, which is 100 percent leased through May 2022, has a track record of generating significant revenues, added A&G’s Jeff Hubbard, Senior Managing Director, Real Estate Sales. Annual gross income for the portfolio currently totals nearly $1.1 million.
“New Rochelle is the second-largest city in Westchester County and the third-most densely populated. The demand for residential housing in the market is strong, including among renters,” Hubbard noted. “The area also benefits from easy access to both public transportation and major arteries like I-95 and the Hutchinson River Parkway. Peak travel time to Manhattan on Metro-North trains is approximately 35 minutes.”
Virtual tours of the properties are available upon execution of a confidentiality agreement, which also provides access to an online due diligence room. Property inspections will be given to qualified bidders after the bid deadline. Following the inspections, if an auction is necessary, it will take place on March 8.