Wexcor Capital, a real estate investment firm headquartered in Great Neck, Long Island, recently finalized the purchase of two attached multifamily buildings in Washington Heights for $5.8 million from Barberry Rose Management. The properties are situated at 565-567 and 571-573 West 175th Street and consist of two adjacent walk-up structures spanning six stories each. These buildings contain a total of 61 fully rent-stabilized apartments with an impressive combined area of 48,288 square feet.
Constructed in the year 1914, these properties commanded a cap rate of nine percent and boasted an attractive Gross Rent Multiplier (GRM) ratio of just over five-and-a-half times their annual rental income. This translates to approximately $95,082 per unit or $120 per square foot sold during this transaction which was expertly facilitated by Aaron Jungreis along with Ben Khakshoor and Alex Fuchs from Rosewood Realty Group who represented both Wexcor Capital as well as Barberry Rose Management throughout this deal’s negotiation process.
