An apartment building at 676 Nereid Avenue, located between Richardson Avenue and White Plains Road in the Wakefield section of the Bronx, was sold in an all-cash transaction valued at $1,675,000.
The four-story walkup building is approximately 17,952 square feet and sits on a 55.33’ x 105’ lot. The building consists of 22 residential units. The unit mix is comprised of 12 one-bedrooms, seven two-bedrooms, and three three-bedrooms. This immaculate property was owned by the same family for over 32 years and has no active HPD or DOB violations. The sale price equates to approximately $93 per square foot, a 7.0% cap rate, and a 6.5 GRM.
This turnkey property is located steps from the White Plains Road commercial corridor and the Nereid Avenue stop of the 2 and 5 trains.
“This was a very well-maintained, violation-free property that had been under the same ownership for over 30 years. We had a great response, and were able to complete a transaction before year-end, to avoid the increase in capital gains tax,” said Massey Knakal First Vice President of Sales Karl Brumback, who exclusively who exclusively handled this transaction with Chairman Bob Knakal.
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Neighborhoods: Wakefield/ Agents: Karl Brumback