5-Story Inwood Walkup Sold for $9.4 Million

September 2, 2016

 

The 49-unit residential building is located on Isham Street near Vermilyea Avenue.

INWOOD, NY — An 49-unit Inwood building is changing hands from one private equity firm to another for a sum of $9.4 million, the Commercial Observer reported.

 

Hillcrest Acquisitions has purchased 546 Isham Street, near Vermilyea Avenue, from Geisinger Equities in sale brokered by Cignature Realty Associates, according to the report.

And there may be a rent increase coming for the building's tenants.

 

"The building was in great condition with no heavy lifting needed in terms of repairs [and] the average rent per apartment and the average rent per room were very low, leaving the new owner with tremendous potential to increase the rent roll," Cignature Realty's Peter Vanderpool said in a prepared statement sent to the Commerical Observer.

 

However, the report states that none of the building's units are free-market, so the new landlords may not be able to jack up rents that easily.

 

The property is a five-story walkup building composed of 32 one-bedroom apartments, 10 two-bedroom apartments, four three-bedroom apartments and three studios.

 

The sale closed on August 16.

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