Northeast Private Client Group Sells Luxury Mount Vernon Apartment for $840,000
– Leading mid-market investment sales firm represents seller and sources buyer for multifamily property in Mount Vernon, NY–
Mount Vernon, NY (September 26, 2019) – Investment sales broker Northeast Private Client Group has announced the sale of 119 N Terrace Ave located at 119 North Terrace Avenue in Mount Vernon, NY. Brad Balletto, VP of Investments for the firm, along with investment associates, Rich Edwards and Jeff Wright, represented the seller and procured the buyer in the $840,000 transaction.
119 N Terrace Ave is a recently renovated four-unit multifamily building comprised of three-bedroom/one-bathroom floor plans. The building has undergone $150,000 of capital expenditures in the past year including gut renovations of the units and the addition of luxury finishes. The property is not subject to rent stabilization, allowing the new owner to raise rents when the current leases expire.
119 NT LLC sold the property to private partners for a price that equates to $210,000 per unit and a capitalization rate of 8.0 percent based on current net operating income.
About Northeast Private Client Group
Northeast Private Client Group is the leading mid-market investment sales firm in the region and was recently named to the Inc5000 list of America’s fastest-growing private companies. With offices in New York, Connecticut and Massachusetts, the firm actively supports private investors looking to buy, sell or exchange mid-market properties including mixed-use, multifamily, retail and office assets. Northeast Private Client Group’s highly disciplined process is just one of the many reasons the firm has earned CoStar’s Power Broker designation year after year. To learn more, visit: www.northeastpcg.com.