Rick Herman Acquires Multifamily Property On Gerard Avenue In Concourse, Bronx For $5.15M
SOLD
$5,150,000
+ 3
New York
See Similar DealsMultiFamily35,070 SF
Sold 03/25/2020
SOLD
Rick Herman Acquires Multifamily Property On Gerard Avenue In Concourse, Bronx For $5.15M
1166 Gerard Ave, The Bronx, NY 10452, USA
See Similar DealsMultiFamily35,070 SF
Sold 03/25/2020
+ 3
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$146
Total Square Footage:35,070 SF
Transaction Type:Sale
The multifamily property located at 1166 Gerard Avenue in the Concourse area of Bronx, New York has been sold for a total price of $5,150,000. The property spans an area of 35,070 square feet, resulting in a price per square foot of $147. It comprises 41 units, with an average price per unit of $125,609.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $5,150,000
- Address: 1166 Gerard Avenue, Concourse, Bronx
- Market: Concourse, Bronx
- Square Footage: 35,070
- Price per Square Foot: $147
- Units: 41
- Price per Unit: $125,609
The seller of the property was Martin Kirzner, while the buyer was Rick Herman. The deal was facilitated by New York Multifamily, represented by Peter Von Der Ahe, Seth Glasser, Michael Fusco, and Isaac Lipton.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$274,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$18,296.86
Cash-on-Cash Return-1.27%
Monthly Debt Service$24,413.63
Annual Debt Service$292,963.53
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