New York, NY, August 25, 2011 --(PR.com
)-- ERG Property Advisors is pleased to announce the sale of 3131-3139 East Tremont Avenue, located in the Throgs Neck section of the Bronx, NY.
The building is comprised of five retail stores located at the southeast corner of Coddington Avenue, just off the Bruckner Expressway. The property sold for $1,800,000, with financing in place for $1,360,000.
The single-story building is approximately 5,752 square feet and is situated on a 6,640-square-foot lot. The closing took place on June 30, 2011.
The property is fully rented to stable tenants. The current tenants include a barber shop, a pharmacy, a bar, a florist and a bakery. The gross annual income for the property is $163,200.
Each tenant incurs annual rent increases plus taxes, above their respective base years. The tenants are responsible for all utilities and are separately metered. The landlord is responsible for the roof and the sidewalk, neither of which have needed repairs in the last three years.
ERG’s Michael Guarino Sr. represented the seller and the purchaser. For more information about this property, please contact Michael Guarino Sr. at (646) 253-0907 or email@example.com.
About ERG Property Advisors
ERG Property Advisors is a full-service commercial brokerage company based in New York City. Its core activities are investment sales, retail leasing, and strategic consulting. While focused on the broader New York City area as a company, ERG also offers specific market knowledge at the submarket level. Beyond core New York City properties, ERG has access to a vast network of NNN properties throughout the United States. In addition to assisting property owners and prospective buyers, ERG provides banks, appraisers, attorneys, and accountants with information and skill sets that support them in their respective roles. Visit www.ergpa.com for recent deals and press coverage.