LichtensteinRE JUST SOLD Package of 2 Apartment Buildings in the Bronx for $4,448,000
Andrew Lichtenstein, President of LichtensteinRE, just sold and closed a package of two multifamily properties in the Bronx for $4,448,000 all cash.
This portfolio consists of two newly built walk-up apartment buildings located at 2072 Crotona Avenue and 598 East 167th Street in the Tremont and Morrisania sections of the Bronx. The two properties were just constructed in 2014 and 2016.
The buildings are Net Leased to two different entities and have five year initial lease terms with lease renewal options. Both buildings are 100% rented.
“This is an amazing opportunity for the investor buyers to enjoy an initial 6.88% cap rate “NET LEASED NIRVANA” two brand newly built properties. Each building is net leased for relaxed, passive ownership,” said Andrew Lichtenstein, the seller’s exclusive listing broker.
The 4 story buildings contain a total of 16 apartments with 52 rooms combined. The sales price represents $278,000 Per Unit, $363 Per Square Foot and a Cap Rate of 6.88%.
Andrew adds that “the starting cap rate gives the buyer a much greater return compared with the current market cap rates that are substantially lower returns.”
The two buildings have combined 12,264 usable square feet total plus an additional 2,021 SF of air rights available for a total of 14,285 SF.
The first property located at 2072 Crotona Avenue was recently built in 2014. It’s a 4 story walk-up building in excellent condition containing 8 apartments with 6,240 total existing building square footage. They are comprised of 1 studio and 7 one bedroom apartments. The property has a total of 23 rooms.
The second property located at 598 East 167th Street was built in 2016. Just like the previous property, this is also a 4 story walk-up apartment building containing 8 apartments in 6,240 square feet. It contains 1 Studio, 1 one bedroom apartment and 6 two bedroom apartments making a total of 29 rooms.
Andrew Lichtenstein exclusively marketed this transaction and represented both seller and buyer.
LichtensteinRE has been actively selling multifamily property for its clients in and around New York City.
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, financing ability and exclusive connections with tens of thousands of potential buyers assure their selling clients the best possible price.
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