Wavecrest Equities Acquires Belmont Multifamily Property For $28M
SOLD
$28,000,000
New York
See Similar DealsMultiFamily160,537 SF
Sold 06/28/2023
SOLD
Wavecrest Equities Acquires Belmont Multifamily Property For $28M
2404 Crotona Ave Bronx, NY 10458, USA
See Similar DealsMultiFamily160,537 SF
Sold 06/28/2023
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$174
Total Square Footage:160,537 SF
Transaction Type:Sale
Wavecrest Equities has acquired a multifamily property in the Belmont neighborhood of Bronx for a total of $28,000,000. The property is located at 2404-2416 Crotona Avenue, 2431 Belmont Avenue, and 2476 Hughes Avenue. It consists of 180 units, with an average price per unit of $155,556. The total square footage of the property is 160,537, with an average price per square foot of $174.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $28,000,000
- Address: 2404-2416 Crotona Avenue, 2431 Belmont Avenue & 2476 Hughes Avenue
- Market: Belmont, Bronx
- Buyer: Wavecrest Equities
The deal was facilitated by brokers Aaron Jungreis, Ben Khakshoor, and Alex Fuchs from Rosewood Realty Group.
Players
BUYER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,493,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$99,478.09
Cash-on-Cash Return-1.27%
Monthly Debt Service$132,734.28
Annual Debt Service$1,592,811.42
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