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Cash-Flowing Apartments Trade in the Bronx
Cushman & Wakefield arranged the sale of 3242 Decatur Ave., a 31-unit apartment building in the Bronx. The final closing price was $3,500,000 at a 5.5% cap rate and $146 per square foot.
A Cushman & Wakefield team of Eric Roth, Jonathan Squires, Tyler Signora and Addison Berniker represented the seller.
“This sale demonstrates the attractiveness of leased, cash-flowing multifamily assets in desirable neighborhoods, despite new rent laws and uncertainty caused by the pandemic,” said Roth.
Squires added, “The buyer recognized the lack of deferred maintenance at this well-maintained property, which in today’s market has become increasingly desirable.”
The 24,000-square-foot property is a five-story walkup on the corner of Decatur Avenue and East 207th Street. The asset sits just two blocks away from the Williamsbridge Oval and offers easy access to numerous transportation options.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
