request_info_guest false

Prime University Heights- New Development 7 Unit- Opportunity Zone- 485x Tax Abatement

$2,750,000

1023 Summit Avenue, Bronx, NY 10452

Active
Last Updated: 03/18/2025

8.16

Cap Rate

224,451

NOI

Details:
Cap Rate:    8.16%
NOI:    $224,451
Pro Forma Cap Rate :    8.16%
Building Size:    4,600 sqft
Lot Area:    2,187 sqft
Occupancy:    100%
Class:    A
Units:    7
GRM:    10
Average Room Size:    657 sqft
Year Built:    2022
Zoning:    R7
Floors:    4
Year Last Renovated:    2022
Construction Status:    Developed
Investment Strategy:    Core
Highlights:
  • Zero Property Tax Liability – 10-year 485x Tax Abatement maximizes NOI.
  • Located in an Opportunity Zone – Unlock significant tax benefits for long-term ownership.
  • Minimal Landlord Expenses – Tenants cover their own utilities, reducing operational costs.
  • Brand-New Construction & Low Maintenance – No major capital expenditures required.
Description:

PRIME MULTIFAMILY INVESTMENT OPPORTUNITY
1023 Summit Ave, Bronx, NY 10452
Asking Price: $2,750,000
Located in an Opportunity Zone | 485x Tax Abatement | Fully Leased Turnkey Asset
________________________________________
EXECUTIVE SUMMARY
1023 Summit Ave presents an exceptional turnkey multifamily investment in the rapidly growing University Heights section of the Bronx. This brand-new, fully leased seven-unit walk-up is designed for low maintenance, strong cash flow, and long-term appreciation—an ideal acquisition for investors seeking passive income and tax-advantaged growth.
Key investment benefits include:
• Opportunity Zone Location – Potential capital gains tax deferral for long-term investors.
• 10-Year 485x Tax Abatement – Eliminates property tax liability, maximizing NOI and investor returns.
• Government-Backed Tenancy – 100% of units are leased to DHS & NYCHA tenants, providing stable, recession-proof income.
• Minimal Operating Expenses – Tenants pay for their own utilities, ensuring a high NOI and an 8.16% cap rate.
• Proximity to Key Landmarks – Just minutes from Yankee Stadium, Fordham University, and major transit options.
This is a high-yield, low-maintenance asset with secure, predictable rental income, offering immediate cash flow and long-term appreciation potential.
________________________________________
INVESTMENT HIGHLIGHTS
Fully Leased & Turnkey – 100% occupancy with stable, long-term tenants.
Located in an Opportunity Zone – Unlock significant tax benefits for long-term ownership.
Cap Rate: 8.16% – Exceptional return for a new construction, low-maintenance asset.
GRM: 10.94 – Competitive pricing relative to rental income.
Zero Property Tax Liability – 10-year 485x Tax Abatement maximizes NOI.
Government-Backed Rental Income – DHS & NYCHA subsidies ensure consistent, recession-proof revenue.
Minimal Landlord Expenses – Tenants cover their own utilities, reducing operational costs.
Prime University Heights Location – Near Yankee Stadium, Fordham University, and major retail corridors.
Excellent Transit Access – Close to I-95, the 4, B, and D subway lines, and multiple bus routes.
Brand-New Construction & Low Maintenance – No major capital expenditures required.

Map:
Location
Gallery