January 11, 2021
Alpha Realty closed the $3,200,000 sale of a mixed-use building located at 2383 Washington Ave. in the Belmont section of the Bronx. The five-story property consists of 24 apartments and stores, totaling 23,365 square feet.
A team consisting of Alpha Realty’s managing principal Lev Mavashev and senior associate Yehuda Leser represented all parties in brokering the transaction. The buyer and seller are both local private operators. The transaction yielded an 8.6 gross rent multiple.
“There is strong demand for housing in the Belmont neighborhood with the Fordham campus and the Bronx Zoo nearby buoying the need for accommodations for the local workforce,” said Leser. “This property is very typical of the types of buildings one would look for in an area like this, and will always provide very high occupancy rates.”
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