The Reel

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A blog for breaking sales and neighborhood real estate news.

A six-story elevator apartment building at 126 Franklin Avenue located in New Rochelle, NY sold in an all cash transaction valued at $4,750,000.

The 41,676 square foot building contains 44 units, of which 25 are one-bedroom units, 18 are two-bedroom units and there is one studio unit. There are 41 (combined) indoor/outdoor parking spaces as well as laundry facilities on the ground floor. The seller, 126 Franklin Avenue Partners, sold the property to Echo Bay Properties LLC, an experienced owner manager in Westchester County and Connecticut. The sale occurred at a capitalization rate of 6.3% and 8.5 times the gross rent.

Neighborhoods: Westchester County