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372 Unit Mixed-Use Portfolio with Long-Term Article XI Shelter Rent Tax

$29,000,000

1117 Manor Avenue, Bronx, NY 10472

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Last Updated: 08/14/2025

7.38

Cap Rate

308,689 sqft

Building Size

Details:
Cap Rate:    7.38%
Building Size:    308,689 sqft
Lot Area:    74,224 sqft
Units:    372
GRM:    5.59
Price Per Sqft:    $94
Price Per Unit:    $77,957
Highlights:
  • Seven-building (2 elevator, 5 walk-up) , 372-unit portfolio strategically located across the desirable Bronx neighborhoods of Soundview, Park Versailles, Mott Haven, and Mount Eden
  • Consists of 351 residential apartments and 21 commercial units
  • Shelter Rent Taxes (Article XI) at 0.65% of Gross Rent extending until 2047, providing a long-term, favorable tax structure
  • Additional tax benefits occur at five of the seven properties. Three properties (1801-1803 Archer Street, 1807-1809 Archer Street, and 1121 Elder Avenue) benefit from J-51 tax abatements. Additionally, two properties (1410 Morris Avenue and 526-32 Tinton Avenue) feature solar abatements, reflecting modern upgrades and potential savings
  • Professionally managed and well-maintained portfolio, ensuring smooth operations and preserving asset value for investors
  • Abundant transportation surrounding all seven buildings as the properties are located in close proximity to bus lines & 6/B/D subway lines
Description:

Matsia Properties Portfolio, Bronx, NY
• 1117 Manor Avenue
• 1410 Morris Avenue
• 1801-1803 Archer Street
• 1807-1809 Archer Street
• 1121 Elder Avenue
• 526-30-32 Tinton Avenue
• 1214 Wheeler Avenue

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