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3375 Avenue J

Alejandro Gershanik Acquires MultiFamily Property In Riviera Beach For $3.4M
SOLDMultiFamily

Alejandro Gershanik Acquires MultiFamily Property In Riviera Beach For $3.4M

3375 Avenue J

$3,400,000

$185/SF

Building Size

18,320 SF

Asset Type

MultiFamily

Closing

Sep 22, 2023

AI

A multi-family property located at 3375 Avenue J in Riviera Beach has been sold for $3,400,000. Spanning across 18,320 square feet, this property consists of 20 units, resulting in a price per unit of $170,000. The sale price per square foot stands at $186.

Summary of transaction details

  • Property Type: MultiFamily
  • Transaction Amount: $3,400,000
  • Address: 3375 Avenue J, Riviera Beach
  • Units: 20
  • Price per Unit: $170,000
  • Square Footage: 18,320
  • Price per Square Foot: $186

The buyer of this property is Alejandro Gershanik, represented by BM2 Realty. The seller, Menachem Tiefenbrun, relied on Travis Jones and Alec Bashein from Horvath & Tremblay as their representatives in the transaction.

Players

Travis Jones

Horvath & Tremblay

Broker

$45.5M

vol

9 deals

Broker
Alejandro Gershanik

Alejandro Gershanik

BM2 Realty

Buyer

$94.9M

vol

34 deals

Buyer

Menachem Tiefenbrun

Seller

$8.4M

vol

4 deals

Seller

Market MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

4.67%

Cash-on-Cash

-1.33%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93