Lala of Marcus & Millichap sells 68-unit Bronx apartment building - $6.885 million

Marcus & Millichap Real Estate Investment Services has completed the sale of 3058 Hull Ave. & 353, 359 Mosholu Pkwy., a 68-unit property, according to J.D. Parker, VP - regional manager of the firm's Manhattan office. The asset sold for $6.885 million, a gross rent multiplier of 8.49, and capitalization rate of 5.8%. Marco Lala, an investment specialist in Marcus & Millichap's Manhattan office, marketed the property on behalf of the seller, a private investor. The buyer was also secured and represented by Lala. Their market knowledge and relationships allowed the purchaser to identify the ideal 1031 replacement property though the resources of a senior Marcus & Millichap agent and his team. "At nearly a record setting price as well as huge upside potential it was a buyer/seller 'win-win'," said Lala. With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 5,085 transactions in 2011, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry's most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.