Besen & Associates announced the sale of 820-830 Riverside Drive, a 5-story walkup residential building with 46 apartments.
The property was built in 1921 and has approximately 50,910 s/f.
The sale was completed in an off-market transaction for $9.4 million by Amit Doshi and Shallini Mehra of Besen & Associates. It was sold by a private equity real estate fund to a local private investor.
The property is located where Sugar Hill meets the beginning of Washington Heights. The average rent per apartment is $1,282, and the average rent per room is $271.
The selling price of $9.4 million equates to a 13.3 gross rent multiplier, four percent cap rate, $204,000 price per unit, and $184 price per square foot.
“Buildings on Riverside Drive command a premium,” said Mehra. “It is a beautiful street with many stately buildings that don’t trade hands too frequently.”