We covered 613 West 138th Street last October when it first hit the market and this property took about 7 months to get into contract (as of May). The townhouse is a half block west of Broadway, only one block away from the 1 train but ultimately was a chopped up apartment building. The narrow, 15.5 foot wide house, on a quiet enough side street of Hamilton Heights, had a couple of apartments on each floor and really cheap, rental-grade finishes. The 3 story building was fully rented with one rent control unit in place. According to the broker, the rent role is over $7,000 per month so this might be the reason the building sold even with a $1.2 million asking price. This neighborhood is still not quite there yet as far as amenities are concerned, so it will be interesting to see where the final price lands. Current photo by Ulysses
We covered 613 West 138th Street last October when it first hit the market and this property took about 7 months to get into contract (as of May). The townhouse is a half block west of Broadway, only one block away from the 1 train but ultimately was a chopped up apartment building. The narrow, 15.5 foot wide house, on a quiet enough side street of Hamilton Heights, had a couple of apartments on each floor and really cheap, rental-grade finishes. The 3 story building was fully rented with one rent control unit in place. According to the broker, the rent role is over $7,000 per month so this might be the reason the building sold even with a $1.2 million asking price. This neighborhood is still not quite there yet as far as amenities are concerned, so it will be interesting to see where the final price lands. Current photo by Ulysses
What's the current rent roll to purchase price ratio these days? I know rental buildings are valued more on their rent roll which can vary from what similar owner-occupied buildings go for... Or when they're this size is the owner-occupied value more of an influence?
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