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Successful Sale of 770-780 Garden Street in Belmont, Bronx
Bob Knakal successfully closed the sale of 770-780 Garden Street, a two-building multifamily elevator property in the Belmont neighborhood of the Bronx. The sale price was $8,700,000, reflecting the property's potential as a high-demand investment asset.
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Sale Details
Bob’s comprehensive marketing strategy and thorough market analysis attracted competitive interest from potential buyers, culminating in a successful sale. The property, which includes 111 residential units across two buildings, provides strong rental income potential and is well-positioned in a growing neighborhood.
- Sale Price: $8,700,000
- Property Type: Multifamily - Elevator
- Sale Date: August 13, 2013
- Building Size: 96,344 SF
- Price per SF: $90.30
- Units: 111
Property Details
The property at 770-780 Garden Street, located in the Belmont neighborhood, consists of two multifamily elevator buildings. With 111 units and a total building size of 96,344 square feet, it offered ample opportunity for rental income and long-term value appreciation. The buildings are well-served by the local transportation network and are situated in a vibrant, residential community.
- Full Address: 770-780 Garden Street, Bronx, NY 10458
- Property Type: Multifamily - Elevator
- Number of Buildings: 2
Market Strategy and Execution
Bob Knakal’s strategy involved positioning the property as an excellent investment opportunity in a rapidly improving neighborhood. By marketing the property’s strong fundamentals, such as its size, rental potential, and proximity to transportation, Bob ensured a smooth and successful transaction.
Neighborhood Overview
Belmont in the Bronx is known for:
- Proximity to the Bronx Zoo and the New York Botanical Garden, attracting residents seeking access to green spaces.
- Strong transportation connections, including nearby subway lines and bus routes, offering easy access to Manhattan and other boroughs.
- A diverse and established community, making it an attractive area for both renters and long-term investors.
- Ongoing neighborhood development, improving the local infrastructure and increasing demand for housing.
Conclusion
The sale of 770-780 Garden Street highlights Bob Knakal’s ability to market multifamily properties in high-demand neighborhoods and deliver successful outcomes for his clients. By leveraging the asset’s appeal and strategically navigating the market, Bob was able to secure a competitive sale price, achieving optimal results for the seller.
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