Bronx Multifamily, Northeast Region

Property Description

Bronx Multifamily

Price Reduced- Newly Built 32 Unit Multifamily Elevator Building-Bronx NY

Huge Price Drop. $14,500,000

New Rock Bottom Price Reduced from $16 Million

7.9% CAP RATE

Newly Built 6 Story Elevator Brick Apartment Building 34 Units with 32 Apartments plus 2 Commercial Spaces.

Seller's Minimum Required Price $16,000,000

$500,000/Apartment

Potential Projected Income at Market Rents= $1,318,020

Potential Projected NOI: $1,146,317

Projected Cap Rate: 7.16%

This Bronx multifamily brand newly built 6 story elevator brick apartment building is currently in the approval stages for the tax abatement as per rent roll.

All 32 units will be part of a Tax Abatement program which provides for higher rents.

Units must be rented via HPD approved programs such as Housing Connect, EHV Section 8, etc.

All utilities are electric and not included in owners' expenses.

Tenants will be responsible for cooking, heating, cooling, and hot water.

Every apartment and every room with a window has its own through-the-wall sleeve electric air conditioner and heater, and also its own electric hot water boiler and tank for independent hot water.

There is also 2 Commercial spaces - about 5,600 sq. ft., plus Parking for 15 spaces.

Apartment Layout: 4 Studios, 25 One-Bedrooms and 3 Two-Bedrooms

Building Size: 33,242 Square Feet Total

Lot Size: 7,075 Square Foot; 75' x 100' (irregular)

35 year 421a real estate tax abatement

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The information contained herein contains confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient will be prohibited. The information contained herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about the accuracy or completeness of the information. As a buyer, it is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this property to you depends on factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. We have no knowledge of this offering other than the information received from Seller or their representatives. We are neither your agent or an agent for the seller. We will not participate in the negotiation of the purchase price or attend the showing of this property. As a buyer, you will be required to indemnify us and hold us harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.