Mixed-Use New Construction Housing Opportunity for 47 Units with Tax Abatement

1777 Weeks Avenue, Bronx, NY

Market Price

Price

6.22%

Cap Rate

$1,166,480

NOI

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Street
Map
Overview
Cap Rate
6.22%
NOI
$1,166,480
Building Size
30,066 sqft
Lot Area
5,111 sqft
Units
47
Zoning
R8
Buildable Sq. Ft.
30,768 sqft
Floors
9
Highlights
  • 2023 new construction elevator building with 54’ of frontage on Weeks Avenue
  • 9-story building spanning 30,066 gross square feet and containing 47 units comprising of 22 studios, 23 one bedrooms, & two community facility spaces
  • Benefits from a 421a tax abatement expiring in 2059
  • 31 residential units and community facility space master leased to a nonprofit corporation for the next 9 years
  • Master lease tenant has the right to exercise two 5 year renewal extensions under the same terms and conditions of the lease, except for a base rent increase of 2% every 2-years during each renewal term
  • Separate elevator for residential and community facility
  • Situated in the Mount Hope section of the Bronx near the B/D/4 subway stations
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