Lichtenstein of LichtensteinRE sells 30-unit building for $3.85 million

Andrew Lichtenstein, president of LichtensteinRE, has sold a 30-unit elevator multifamily property located at 2725 Creston Ave. in the Jerome Park Section of the borough. The building sold for $3.85 million in all-cash. The six-story, 22,840 s/f building is a white ceramic brick construction built in 1965. The sale price represents a cost of $192,500 per apartment, $168 per s/f and 10.8 times the annual rent. The annual net income of the property is $193,000 making it a 5.3% cap-rate. Additionally, it is 100% rented with average rent of $936 a month leaving the buyer plenty of upside to increase its future net profit. It has 12-studio, 18-one bedroom and two medical offices on the ground floor delivered vacant. Lichtenstein represented the seller and Sion Misrahi of Misrahi Realty represented the buyer. "The building is in immaculate condition because the prior owners, who bought the property in 1978, personally cleaned and maintained the premises," said Lichtenstein, the exclusive listing broker. The property is conveniently located right off the B and D trains in Grand Concourse and less than two blocks away from the 4 Train on Jerome Avenue. "This property represents a great future investment for the new owners. This clean elevator property can attract tenants who wish to enjoy an easy commute to Manhattan and send the kids to the great educational institutions close by," says Andrew Lichtenstein.