LichtensteinRE has just Sold a 30 Unit Multifamily Building in The Bronx, New York for $3,850,000.
Riverdale, New York. (May 6th , 2014) Andrew Lichtenstein, President of LichtensteinRE, has just sold a 30 unit elevator multifamily property located at 2725 Creston Avenue in the Jerome Park Section of the North Bronx. The building was sold for $3,850,000 cash.
The 6 story 22,840+/- square foot building is a clean white ceramic brick construction built on 1965. The sale price represents a cost of $192,500 per apartment, $168 per square foot and 10.8 times the annual rent.
The annual net Income of the property is approximately $193,000 making it a 5.3% cap rate. Additionally, it is 100% rented on with average rent of $936 a month leaving the buyer plenty of upside to increase its future net profit. It has 12 studio, 18 one bedroom and 2 medical offices on the ground floor delivered vacant.
“The building is in immaculate condition because the prior owners, who bought the property in 1978, personally cleaned and maintained the premises,” explains Andrew Lichtenstein, the exclusive listing broker.
The property is conveniently located right off the B and D trains in Grand Concourse and less than two blocks away from the 4 Train on Jerome Avenue. The Building is also a walkable distance to two of the Bronx’s most important educational institutions: Lehman College and The Bronx High School of Science. It is very accessible to shopping and major roadways.
“This property represents a great future investment for the new owners. This clean elevator property can attract tenants who wish to enjoy an easy commute to Manhattan and send the kids to the great educational institutions close by,” says Andrew Lichtenstein.
Andrew Lichtenstein of LichtensteinRE represented the seller and Sion Misrahi of Mizrahi Realty represented the buyer.
LichtensteinRE specializes in the exclusive sales of multifamily and mixed use commercial real estate properties in New York City’s 5 boroughs. LichtensteinRE is a full service Commercial Real Estate Sales, Financing and Advisory Service Boutique based in New York City, the financial capital of the world. LichtensteinRE’s proven experience, track record, financing ability, exclusive buyers and connections with tens of thousands of property owners assures their selling clients the best possible price when a landlord owner wants to sell their property.
DoctorMortgage, which is LichtensteinRE’s financing division, has been a leader in commercial real estate mortgage debt financing since 1991. DoctorMortgage is able to negotiate and facilitate financing to deliver the best price, leverage and return on investment possible.
LichtensteinRE’s greatest ability is creativity and problem solving. After selling the owner’s property, LichtensteinRE has assisted successful sellers in locating replacement 1031 tax deferred exchanges and in some cases has more than doubled the seller’s net income post-closing. To learn more contact Andrew Lichtenstein at AL@LichtensteinRE.com