Ronald Cohen Of Besen Partners Facilitates $3M Mixed-use Property Sale In Melrose, Bronx
3015 Third Avenue
$3,000,000
$305/SF
Building Size
9,830 SF
Asset Type
Mixed-use
Closing
Apr 18, 2024
AI
The mixed-use property located at 3015 3rd Avenue in Melrose, Bronx, was recently sold for $3,000,000. The asset spans 9,830 square feet, resulting in a price per square foot of $305. This property comprises two interconnected buildings with three large apartments, two stores, and 3,000 square feet of office space. Additionally, the property includes 14,526 square feet of unused air rights and features rear parking on a single corner block through a tax lot.
Summary of transation details:
- Property Type: Mixed-use
- Transaction Amount: $3,000,000
- Buyer: Joel Gross
- Seller: Bardach Family
- Broker: Ronald Cohen - Besen Partners
The deal was facilitated by Ronald Cohen of Besen Partners, representing the seller, the Bardach Family, and overseeing the transaction with the buyer, Joel Gross. Notably, the property included three vacant apartments, two stores, and office space, providing a lucrative investment opportunity in the Melrose market.
Players
Bronx Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.29%
Cash-on-Cash
-1.51%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93