LichtensteinRE Negotiates $4,465,975 Sales Contract for a Package of 2 Apartment Buildings in The Bronx.
This portfolio consists of two new 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 have just been built in 2014 and 2016.
The two properties are Net Leased to two different entities and have five year initial lease terms with lease renewal options. Both buildings are 100% rented.
The 4 story buildings contain 16 apartments with a total of 52 rooms. The contract price represents $279,123 Per Unit, a $364 Per Square Foot and a Cap Rate of 6.85%.
“This is an amazing opportunity for an investor who wants to enjoy a 6.85% cap rate owning these two newly built properties in this “NET LEASED NIRVANA” said Andrew Lichtenstein, the listing broker.
The two buildings have combined 12,264 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 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