Wavecrest Equities Acquires Belmont Multifamily Property For $28M
2404 Crotona Ave Bronx, NY 10458, USA
$28,000,000
$174/SF
Building Size
160,537 SF
Asset Type
MultiFamily
Closing
Jun 28, 2023
AI
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
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
0.57%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93