216 Unit Affordable Housing Opportunity with Value-Add Potential & Long-Term Tax Benefits
$26,500,000
1605 University Avenue, New York, NY 10453
For Sale
Multifamily
Unknown Sub Type
Active
Last Updated: 11/10/2025
7.43
Cap Rate
11.33
Pro Forma Cap Rate
Details:
Cap Rate: 7.43%
Pro Forma Cap Rate : 11.33%
Building Size: 283,586 sqft
Lot Area: 64,437 sqft
Units: 216
GRM: 6.38
Price Per Sqft: $93
Price Per Unit: $122,685
Zoning: R7-1
Highlights:
- 216 units across 5 elevator buildings spanning 283,586 gross square feet
- 610 amendment to existing regulatory agreement allows for significant revenue growth
- 33% of units currently occupied by Tenant Based Vouchers (TBVs)
- Unit breakdown is comprised of forty-nine (49) 1-bedroom apartments, ninety-five (95) 2-bedroom apartments, fifty-four (54) 3-bedroom apartments, twelve (12)4-bedroom apartments, laundry and six (6) commercial units
- Long term tax benefits expiring in 2040 with one building benefiting from a 421a until 2034
- Concentrated sites prime for management efficiencies
- Well located Morris Heights assets with multiple transportation options
Description:
216 Unit Affordable Housing Opportunity with Value-Add Potential & Long-Term Tax Benefits
Unimac Portfolio:
1605 University Ave
1611 University Ave
1615 University Ave
1669 University Ave
1645 Macombs Rd
Documents:
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Location
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