32-Unit New Construction Multifamily Elevator Property
$9,000,000
3187 Grand Concourse, Bronx, NY 10468
For Sale
Multifamily
Mid High Rise
Active
Last Updated: 10/31/2026
8.33
Cap Rate
689,540
NOI
Details:
Cap Rate: 8.33%
NOI: $689,540
Building Size: 25,616 sqft
Lot Area: 3,875 sqft
Units: 32
GRM: 9.97
Year Built: 2022
Price Per Sqft: $351
Price Per Unit: $281,250
Zoning: R8
Floors: 9
Highlights:
- New Construction Elevator Building: Rare opportunity to acquire a modern, 9-story elevator multifamily building spanning 25,616 gross square feet
- Long Term 421-a Tax Protection: Benefits from a long-term 35-year 421-a tax exemption with 23 consecutive years of 100% full exemption remaining, suppressing 2026/27 annual real estate taxes to just $552
- Fully Occupied: 100% occupied, with 31 of the 32 residential units backed by municipal voucher programs (CityFHEPS and FHEPS), delivering a secure, government-subsidized rental stream
- Turnkey Condition: Delivered in turnkey physical condition requiring zero upfront CapEx or deferred maintenance across an efficient unit mix of thirteen (13) studios and nineteen (19) one-bedroom apartments
- Prime Grand Concourse Location: Situated on the west side of the Grand Concourse in Bedford Park, with Unmatched commuter accessibility positioned nearby the B & D subway lines, 4 train, and the Metro-North Railroad
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Location
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