1012 Kelly St 14 Unit Apartment Building $4,792,600 ($342,329/Unit) 6.39% Cap Rate Bronx, NY 10459

The property is a newer construction multifamily building completed in 2021, offering a stabilized, income-producing asset with modern building systems and limited near-term capital expenditure requirements. The seven-story elevator building consists of 14 residential units totaling approximately 13,597 square feet, with layouts designed to align with current market rental demand. The asset is fully operational with in-place tenancy, generating consistent cash flow supported by existing leases. The combination of newer construction, manageable unit count, and established net operating income positions the property as an attractive long-term hold and 1031 exchange opportunity.
Located within the Longwood neighborhood of the South Bronx, the property benefits from an area experiencing ongoing residential redevelopment and new construction activity. The location offers convenient access to public transportation, including the 2 and 5 subway lines, major bus routes, and the Bruckner Expressway, supporting strong connectivity throughout the Bronx and into Manhattan. The surrounding area provides close proximity to essential neighborhood services such as schools, retail corridors, supermarkets, healthcare facilities, and public amenities, reinforcing consistent residential demand.