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Cushman & Wakefield Sells Two Apartment Buildings in Norwood

02/02/2015

Two contiguous apartment buildings at 3133 and 3145 Rochambeau Avenue, located between East 206th Street and Bainbridge Avenue in the Norwood neighborhood of the Bronx, were sold in an all-cash transaction valued at $13,500,000.

The five-story walkup buildings combine for approximately 88,600 square feet on a 215’ x 100’ lot.  They total 96 units, with 10 studios, 58 one-bedroom, 22 two-bedroom, 5 three-bedroom, and 1 four-bedroom unit.  The sale price equates to approximately 10.4x gross rent and $141,000 per unit.

The properties are located on a tree-lined block just steps to the Reservoir Oval, Bainbridge and 204th Street shopping, and four blocks from Montefiore Hospital.  The Webster Avenue corridor from Fordham Road to Gun Hill Road was recently rezoned and there has been a tremendous amount of development including several new schools.  This location has great transportation options, with both the D train at 205th Street and the 4 train at Mosholu Parkway just a few blocks away.  Additionally, multiple bus lines service the area and the Metro-North Botanical Gardens stop is a short walk east.

“Bronx metrics climb to new highs as the borough continues to emerge and become more attractive to market rate tenants, especially those priced out of other boroughs,” said Cushman & Wakefield’s Karl Brumback,who exclusively handled this transaction with James P. Nelson.

 

02/02/2015 - 18:09

Source

Cushman & Wakefield Capital Markets Group New York

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