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Bronx Commons 1039 Washington Ave 104 Unit Apartment Building $73,000,000 ($701,923/Unit) 6.20% Cap Rate Bronx, NY 10456
INVESTMENT HIGHLIGHTS
- 1039 Washington Avenue is a newly constructed 10-story apartment building with 104 two-bedroom units, solar panels, and a 35-year tax abatement.
- Includes three passenger elevators, 60 on-site parking spaces, central air and heating, and full sprinkler coverage throughout the property.
- Surrounded by a strong local market of over 712,800 residents within a 2-mile radius, supporting robust consumer spending and market growth.
- Features 42,000 contiguous square feet of ground and second-floor retail, offices, and mixed-use space, including 6,000 square feet of balconies.
- High-traffic location near Webster, Melrose, and Washington Avenues, with exposure to over 10,000 passing vehicles per day and excellent visibility.
- Conveniently located close to Yankee Stadium, Crotona Park, the Metro-North Melrose stop, and the 167th Street subway for easy accessibility.
EXECUTIVE SUMMARY
1039 Washington Avenue presents a premier investment opportunity in the heart of the Morrisania residential neighborhood in the southwestern Bronx. This newly constructed 10-story mid-rise apartment building, with a Temporary Certificate of Occupancy (TCO) expected in January 2026, combines modern design, impressive amenities, and exceptional income potential. The development features 104 two-bedroom residential units, three passenger elevators, and 60 on-site parking spaces, complemented by solar panels and a 35-year tax abatement.
Over 38,000 square feet of retail and community facility space is available on the ground and second floors, plus 6,000 square feet of commercial balconies, creating a total of 44,000 square feet of contiguous space for retail, office, and mixed-use tenants. Additional features include 10- to 12-foot finished ceilings, central air and heating, and full sprinkler coverage.
1039 Washington Avenue is just one block from Webster, Melrose, and Washington Avenues, drawing exposure to over 10,000 vehicles daily and benefiting from a vibrant local market of over 712,800 residents within a 2-mile radius. Nearby points of interest, like Yankee Stadium, Crotona Park, and multiple transit options, including the Metro-North Melrose stop and the 167th Street subway station, further enhance the property's appeal.
Set within one of the Bronx's most dynamic and walkable neighborhoods, 1039 Washington Avenue presents a high-quality, income-generating asset with strong long-term growth potential.
Over 38,000 square feet of retail and community facility space is available on the ground and second floors, plus 6,000 square feet of commercial balconies, creating a total of 44,000 square feet of contiguous space for retail, office, and mixed-use tenants. Additional features include 10- to 12-foot finished ceilings, central air and heating, and full sprinkler coverage.
1039 Washington Avenue is just one block from Webster, Melrose, and Washington Avenues, drawing exposure to over 10,000 vehicles daily and benefiting from a vibrant local market of over 712,800 residents within a 2-mile radius. Nearby points of interest, like Yankee Stadium, Crotona Park, and multiple transit options, including the Metro-North Melrose stop and the 167th Street subway station, further enhance the property's appeal.
Set within one of the Bronx's most dynamic and walkable neighborhoods, 1039 Washington Avenue presents a high-quality, income-generating asset with strong long-term growth potential.
FINANCIAL SUMMARY (PRO FORMA - 2025) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (PRO FORMA - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
| Price | $73,000,000 | Building Class | B |
| Price Per Unit | $701,923 | Lot Size | 0.64 AC |
| Sale Type | Investment | Construction Status | Under Construction |
| Cap Rate | 6.20% | Building Size | 158,000 SF |
| No. Units | 104 | No. Stories | 10 |
| Property Type | Multifamily | Year Built | 2026 |
| Property Subtype | Apartment | Parking Ratio | 0.41/1,000 SF |
| Apartment Style | Mid-Rise | ||
| Zoning | R5X, C2-4 - Commercial district predominantly residential in character | ||
| Price | $73,000,000 |
| Price Per Unit | $701,923 |
| Sale Type | Investment |
| Cap Rate | 6.20% |
| No. Units | 104 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.64 AC |
| Construction Status | Under Construction |
| Building Size | 158,000 SF |
| No. Stories | 10 |
| Year Built | 2026 |
| Parking Ratio | 0.41/1,000 SF |
| Zoning | R5X, C2-4 - Commercial district predominantly residential in character |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Refrigerator
- Oven
- Range
SITE AMENITIES
- Controlled Access
- Fitness Center
- Laundry Facilities
- Gas Range
- Bicycle Storage
- Elevator
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 104 | $3,350 | - |
1 1
Walk Score®
Very Walkable (86)
Transit Score®
Rider's Paradise (100)
Bike Score®
Very Bikeable (76)
NEARBY AMENITIES
HOTELS |
|
|---|---|
| Ramada |
67 rooms
6 min drive
|
PROPERTY TAXES
| Parcel Number | 02387-0044 | Total Assessment | $1,487,000 |
| Land Assessment | $1,487,000 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $0 | Tax Year | 2025 |
PROPERTY TAXES
Parcel Number
02387-0044
Land Assessment
$1,487,000
Improvements Assessment
$0
Total Assessment
$1,487,000
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025
ABOUT THE ARCHITECT
Read More
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SALE ADVISOR
SALE ADVISOR
Boris Babakhanov, Founding Partner/ Property Acquisition Manager
Based in Fresh Meadows, New York, Boris Babakhanov is a seasoned property management and development professional with deep expertise in investment sales. As Founding Partner and Property Acquisition Manager at Platinum Management Group, Boris specializes in identifying and securing high-value opportunities across office, retail, and multi-family properties. His strategic approach and industry insight have established him as a trusted partner for investors seeking growth and long-term value in New York’s competitive real estate market.
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