32-Unit Multifamily Building For Sale

Highlights:

• 421ATaxAbatement:
• Currently in its 9th year.
• After the 10thyear, taxes phase in at 20% per year over 5 years.
• Starting in the 16thyear, full property taxeswill be paid.
• Once the 421Atax abatement expires, the property will become fully free-market, allowing you to capture market rents and significantly increase the net operating income (NOI).

Description:

Kassin Sabbagh Realty (KSR) is managing the sale of 931-937 Summit Avenue, a prime real estate opportunity in the High Bridge section of the Bronx.

Built in 2015, this multifamily property consists of 32 units. The building spans a total of 21,200SF, with an equal lot size of 21,200 SF. The unit mix includes one studio, five 1-bedroom apartments, and two 2-bedroom units.

The property is ideally situated within walking distance to Yankee Stadium, Macombs Dam Park, and Lincoln Medical Center. Nearby public transportation includes the 4 Trainat161stStreet/ Yankee Stadium and the B, D,A, and C Trains at 155th Street, providing easy access to the rest of the city

• Lease Terms: Varied lease periods, with most units updated to reflect current market rents.
• Steady income from well-maintained tenants with updated lease agreements.

Documents: