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2377 - 2381 Creston Avenue 2377 Creston Ave 58 Unit Apartment Building $5,395,000 ($93,017/Unit) 8.30% Cap Rate Bronx, NY 10468
Investment Highlights
- This 58-unit walk-up building is composed of six stores and 52 residential units.
- 8.3% Cap Rate | 4.89x GRM | $93,017 Per Unit | $117 Per Sqft
- 2337-2381 Creston Avenue is well located, close to St. James Park, Monroe University, and the Fordham Road B & D Train.
- It comprises 32 one-bedroom, 16 two-bedroom, and five three- bedroom apartments.
- The building offers investors a steady annual cash flow of $440,999 with $23,108 in delta upside
Executive Summary
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.
Property Facts
| Price | $5,395,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $93,017 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.27 AC |
| Cap Rate | 8.30% | Building Size | 45,966 SF |
| Gross Rent Multiplier | 4.89 | Average Occupancy | 95% |
| No. Units | 58 | No. Stories | 5 |
| Property Type | Multifamily | Year Built | 1924 |
| Property Subtype | Apartment | ||
| Zoning | R8, Bronx - High density residential district | ||
| Price | $5,395,000 |
| Price Per Unit | $93,017 |
| Sale Type | Investment |
| Cap Rate | 8.30% |
| Gross Rent Multiplier | 4.89 |
| No. Units | 58 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.27 AC |
| Building Size | 45,966 SF |
| Average Occupancy | 95% |
| No. Stories | 5 |
| Year Built | 1924 |
| Zoning | R8, Bronx - High density residential district |
Amenities
Site Amenities
- On-Site Retail
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 8 | - | - |
| 1+1 | 32 | - | - |
| 2+1 | 14 | - | - |
| 3+1 | 5 | - | - |
1 1
Walk Score®
Walker's Paradise (95)
Transit Score®
Rider's Paradise (100)
Property Taxes
| Parcel Number | 03173-0064 | Improvements Assessment | $1,425,240 |
| Land Assessment | $209,250 | Total Assessment | $1,634,490 |
Property Taxes
Parcel Number
03173-0064
Land Assessment
$209,250
Improvements Assessment
$1,425,240
Total Assessment
$1,634,490
Contacts
-
Michael Fusco -
Seth Glasser -
Benjamin Myerow -
Christopher Mehran -
Marcus & Millichap
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2377 - 2381 Creston Avenue | 2377 Creston Ave
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