112 Unit Affordable Housing Opportunity with Value-Add Potential & Long-Term Tax Benefits
$11,500,000
1491 Montgomery Avenue, New York, NY 10453
For Sale
Multifamily
Unknown Sub Type
Active
Last Updated: 11/10/2025
7.33
Cap Rate
10.28
Pro Forma Cap Rate
Details:
Cap Rate: 7.33%
Pro Forma Cap Rate : 10.28%
Building Size: 121,450 sqft
Lot Area: 30,080 sqft
Units: 112
GRM: 6.59
Price Per Sqft: $95
Price Per Unit: $102,679
Zoning: R7-1 / C1-4
Highlights:
- 112 units across 3 elevator buildings spanning 121,450 gross square feet
- 610 amendment to existing regulatory agreement allows for significant revenue growth
- 23% of units currently occupied by Tenant Based Vouchers (TBVs)
- Unit breakdown is comprised of fifty-six (56) 1-bedroom apartments, forty-five (45) 2-bedroom apartments, ten (10) 3-bedroom apartments, laundry and one commercial unit
- Long term tax benefits expiring in 2043 & 2044
- Assumable HDC senior and subordinate (interest-only) mortgages totaling $5.9M maturing in 2038
- Concentrated sites prime for management efficiencies
- Well located Morris Heights assets with multiple transportation options
Description:
112 Unit Affordable Housing Opportunity with Value-Add Potential & Long-Term Tax Benefits
Montmac Portfolio:
• 1491 Montgomery Ave
• 1665 Macombs Rd
• 1669 Macombs Rd
Documents:
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| Listing Setup |
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Location
Gallery
