MultiFamily Property for Sale at 2377 Creston Avenue

The New York Multifamily Team at Marcus & Millichap is pleased to offer the following opportunity in one of the most sought-after neighborhoods in the Bronx, Fordham. 2377-2381 Creston Avenue is situated in the prime Fordham retail corridor, right off 184 and 188th Streets, and a short walk to Monroe University. The building spans 45,966 square feet and comprises 58 units: 52 residential and six commercial stores on the ground floor. This corner mixed-use walk-up building has been owned and operated by the same family for over 18 years and is composed of 32 one-bed, 16 two- bed & 5 three-bedroom apartments. This offers investors a unique opportunity to acquire a legacy asset in a highly desirable submarket of the Bronx that provides future rental upside though a $23,108 annual preferential rent delta of actual vs DHCR legal registered rents. 2377-2381 Creston Avenue is conveniently located a few steps from St. James Park, Monroe University, and the Fordham Road B & D Trains.

• This 58-unit walk-up building is composed of six stores and 52 residential units.
• It comprises 32 one-bedroom, 16 two-bedroom, and five three- bedroom apartments.
• 8.3% Cap Rate | 4.89x GRM | $93,017 Per Unit | $117 Per Sqft
• The building offers investors a steady annual cash flow of $440,999 with $23,108 in delta upside
• 2337-2381 Creston Avenue is well located, close to St. James Park, Monroe University, and the Fordham Road B & D Train.