January, 2020 – Will Kiriazidis of Horvath & Tremblay has successfully completed the sale of four (4) multi-family units in New Rochelle, New York. Horvath & Tremblay exclusively represented the seller to complete the transaction at a sale price of $850,000, which translates to an 8.16% Cap Rate.
The multi-family investment property, located at 202 Fisher Avenue in White Plains, New York is comprised of five (5) multi-family units. The three-story multi-family building consists of 2,910 square feet of living area with a detached 2-car garage on a 0.21 acre parcel. The property, constructed in 1924, is separately metered for electricity, has off street parking at the rear of the building, and has been well maintained. The property features a favorable unit mix with two (2) one-bedroom, one-bathroom units, one (1) three-bedroom, one-bathroom unit, one (1) two-bedroom, one-bathroom unit, and one (1) studio unit. The property is in a desirable, densely populated residential neighborhood in White Plains, one of the busiest commuter city to Manhattan. The property provides convenient access to a number of highly traversed roads including I-287, I-684, the Hutchinson River Parkway, and the Cross County Parkway. Additionally, the property is located less than 0.7 miles from the White Plains Metro North Train Station and the Amtrak Train Station with direct access to Manhattan’s Grand Central Station as well as Boston and Washington D.C. The Bee-Line Bus System also provides service throughout Westchester County. The property also benefits from strong demographics with more than 119,500 people with an average household income in excess of $167,500 living within a 3-mile radius.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.