Gazivoda Family Acquires Multifamily Property On Morris Avenue For $5.6M

The multifamily property located at 2775 Morris Avenue in Fordham, Bronx has been sold in a transaction that took place on March 3, 2021. The property consists of 48 units, with a total square footage of 59,077. The sale price for this asset was $5,600,000, resulting in a price per unit of $116,666, and a price per square foot of $94. The Gross Rent Multiplier (GRM) for this property is 8.8x, and the capitalization rate (CAP) is 5.0%.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $5,600,000
• Units: 48
• Price per Unit: $116,666
• Square Footage: 59,077
• Price per Square Foot: $94
• Gross Rent Multiplier (GRM): 8.8x
• Capitalization Rate (CAP): 5.0%

The buyer in this transaction is the Gazivoda Family, while the seller is the Miller Family. The deal was facilitated by Amit Doshi and Shallini Mehra from the Meridian Capital Group.