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

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: $2,650,000
Located in an Opportunity Zone | 485x Tax Abatement | Fully Leased Turnkey Asset
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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.
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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.