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923 Kelly Street, Bronx, NY...

Wavecrest Equities Acquires Multifamily Property In Foxwood, Bronx For $3.15M
SOLDMultiFamily

Wavecrest Equities Acquires Multifamily Property In Foxwood, Bronx For $3.15M

923 Kelly Street, Bronx, NY, USA

$3,150,000

$159/SF

Building Size

19,812 SF

Asset Type

MultiFamily

Closing

Jan 11, 2021

AI

A multifamily property located at 923 Kelly Street in the Foxwood neighborhood of Bronx has been sold. The property is zoned as R7-1 and C1-4, offering potential for both residential and commercial uses. The sale took place on January 12, 2021, with a transaction price of $3,150,000. The property consists of 20 units, providing a per unit price of $157,500. The total square footage of the property is 19,812, resulting in a price per square foot of $158. Richard Guarino, from Friedman Roth Realty, represented both the buyer and the seller in this transaction.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $3,150,000
  • Address: 923 Kelly Street, Bronx
  • Market: Foxwood
  • Zoning: R7-1, C1-4
  • Buyer: Joe Camerata - Wavecrest Equities
  • Seller: Noah Friedman
  • Broker: Richard Guarino - Friedman Roth Realty
  • Units: 20
  • Price per Unit: $157,500
  • Total Square Footage: 19,812
  • Price per Square Foot: $158

The involvement of Joe Camerata from Wavecrest Equities as the buyer and Noah Friedman as the seller added significance to this sale. Richard Guarino, representing Friedman Roth Realty, facilitated the transaction as the broker. This deal presents an 8% capitalization rate, reflecting a promising investment opportunity in the Bronx multifamily market.

Players

Richard Guarino

Friedman-Roth Realty

Broker

$305.7M

vol

52 deals

Broker
WE
Wavecrest EquitiesBuyer

Noah Friedman

Seller

$21.6M

vol

5 deals

Seller

New York MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.04%

Cash-on-Cash

-1.44%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93