Three Newly Constructed Multifamily Buildings with 421a Tax Abatements

764 East 152nd Street, Bronx, NY

$16,250,000

Price

7.5%

Cap Rate

$1,220,441

NOI

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Street
Map
Overview
Cap Rate
7.5%
NOI
$1,220,441
Building Size
61,690 sqft
Lot Area
13,959 sqft
Units
79
Price Per Sqft
$263
Price Per Unit
$205,696
Parking Spots
24
Description

Investment Highlights
• Three elevator multifamily buildings were constructed between 2018 and 2019
• Each of the properties benefit from a 421a Tax Abatement, expiring between 2056 and 2057
• The portfolio consists of 79 residential units with a mix of studios, one, and two bedrooms as well as 24 parking spots
• Each property is extremely accessible and within 3 blocks of a 2/5 Subway station and multiple bus routes
• Buildings are in close proximity to Southern Blvd. and Westchester Ave Retail Corridors and handful of parks and playgrounds
• The properties each have on-site parking, bike storage rooms, and recreation rooms. 1081 Tiffany St. and 764 East 152nd St. also offer tenants a laundry room.
• Rents in the neighborhood for studios are averaging north of $2,350/month

Documents
Location
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