- For Sale $28,000,000
- Property Type Multi-Family
- Property Size 96,492 SF
- Units 100
- Lot Size 0.19 Acre
- Year Built 1911
- Date Updated Jan 23, 2025
Description
- 6 total walk-up buildings, spanning 96,500 gross square feet, with 100 residential units and 311 bedrooms.
- Densely positioned within 1 block of one another, simplifying management and maintenance.
- 435′ of street frontage with each building having airshafts and carveouts, allowing windows on all four sides.
- $2,650,000 gross income, averaging $2,200 per unit, with a T12 NOI of $1,900,000.
- All 6 buildings are perfectly maintained with less than 12 violations per building on average.
- 3 Buildings benefit from a J51 abatement through 2037-2040, as a result of recent capital improvements.
- Agency debt is assumable at an average of 4.6% Fixed, with I/O burning off in 2026. Debt model available.
- Our asking price of $28,000,000 suggests a 14% Cash on Cash, or 9% after principal, come 2026.
- The buildings have separate loans and can be sold individually or as a package.
- Large unit layouts and proximity to Fordham make this a potential student housing opportunity.
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Contacts
Brock Emmetsberger
Matthews Real Estate Investment Services
Location
Located at 2650 Marion Ave, Bronx, NY 10458, this property is part of the Fordham neighborhood and Bronx market.
Contact Listing Broker
Brock Emmetsberger
Matthews Real Estate Investment Services
