Ami Efrati of Entrepreneur Properties closed on the purchase of 372 East 204 St. The building is a 3,500 s/f, two-story walk-up with a hardware store on the ground and a law office above. The neighborhood has been rezoned to R7D which increased the F.A.R and added 3,800 s/f of buildable rights. Current return on investment is 14%; being generated from the existing cash flow. Existing line-up of national tenants include: Papa Johns, McDonald's, Chase, Bank of America, T-Mobile, and Radio Shack.
"Creating residual income is what this business is all about," said Efrati. Tags: