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3015 Third Avenue

Ronald Cohen Of Besen Partners Facilitates $3M Mixed-use Property Sale In Melrose, Bronx
SOLDMixed-use

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:

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

Ronald Cohen

Besen Partners

Broker

$95.3M

vol

25 deals

Broker

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