Updated Oct 28, 2024
Diamond Mine Real Estate Acquires Multifamily Property In Concourse, Bronx For $1.9M
1220 College Avenue
$1,905,000
$200/SF
Building Size
9,500 SF
Asset Type
MultiFamily
Closing
Aug 19, 2022
About this deal
AI
The recently closed transaction in the Concourse area of the Bronx involved the sale of a multifamily property located at 1220 College Ave. The property spans 9,500 square feet and consists of 11 units. The sale price was recorded at $1,905,000, resulting in a price per unit of $173,181. The price per square foot was calculated to be $200.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $1,905,000
- Address: 1220 College Ave.
- Market: Concourse, Bronx
- Buyer: Diamond Mine Real Estate - Nadira Taylor
- Seller: Zhong Fang Dai
- Brokers: Seth Glasser & Mike Fusco - Marcus & Millichap
Diamond Mine Real Estate, represented by Nadira Taylor, acquired the multifamily property from seller Zhong Fang Dai. The transaction was facilitated by brokers Seth Glasser and Mike Fusco from Marcus & Millichap.
Players
New York MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
8.33%
Cash-on-Cash
-2.38%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93