Massey Knakal Sells Apartment Building In Wakefield
An apartment building at 676 Nereid Avenue, located between Richardson Avenue and White Plains Road in the Wakefield section of the Bronx, was sold in an all-cash transaction valued at $1,675,000.
The four-story walkup building is approximately 17,952 square feet and sits on a 55.33’ x 105’ lot. The building consists of 22 residential units. The unit mix is comprised of 12 one-bedrooms, seven two-bedrooms, and three three-bedrooms. This immaculate property was owned by the same family for over 32 years and has no active HPD or DOB violations. The sale price equates to approximately $93 per square foot, a 7.0% cap rate, and a 6.5 GRM.
This turnkey property is located steps from the White Plains Road commercial corridor and the Nereid Avenue stop of the 2 and 5 trains.
“This was a very well-maintained, violation-free property that had been under the same ownership for over 30 years. We had a great response, and were able to complete a transaction before year-end, to avoid the increase in capital gains tax,” said Massey Knakal First Vice President of Sales Karl Brumback, who exclusively who exclusively handled this transaction with Chairman Bob Knakal.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,500 transactions having a market value in excess of $17 billion.