Log In/Sign Up
Your email has been sent.
1169 Hoe Ave 38 Unit Apartment Building $17,000,000 ($447,368/Unit) 6.53% Cap Rate Bronx, NY 10459
Investment Highlights
- 2021 NEW BUILD: Cash-flowing new construction with little to no maintenance, priced below replacement cost.
- 421-A TAX ABATEMENT: Real estate taxes are minimal and will remain so for the next 30+ years (abatement through 2058), helping ensure long-term.
- PATH TO FULLY FREE MARKET: Rent stabilized units can be converted to free market with turnover following 421-a expiration.
- SUBSTANTIAL CASHFLOW WITH UPSIDE: The property is currently grossing $1,380,000+ / year, with additional upside via rising rents, or via city, state.
- MAJORITY FREE MARKET: 68% of the residential units are free market, with the remaining 32% subject to rent stabilization via 421-a abatement.
Executive Summary
Broker of Record
Cory Rosenthal
License No. 10991237833 (NY)
(866) 889-0550
Matthews Real Estate Investment Services, Inc
1600 West End,
Ste. 1500 Nashville, TN 37203
Cory Rosenthal
License No. 10991237833 (NY)
(866) 889-0550
Matthews Real Estate Investment Services, Inc
1600 West End,
Ste. 1500 Nashville, TN 37203
Property Facts
| Price | $17,000,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $447,368 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.17 AC |
| Cap Rate | 6.53% | Building Size | 30,548 SF |
| No. Units | 38 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 7 |
| Property Subtype | Apartment | Year Built | 2021 |
| Zoning | R7-1 | ||
| Price | $17,000,000 |
| Price Per Unit | $447,368 |
| Sale Type | Investment |
| Cap Rate | 6.53% |
| No. Units | 38 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.17 AC |
| Building Size | 30,548 SF |
| Average Occupancy | 100% |
| No. Stories | 7 |
| Year Built | 2021 |
| Zoning | R7-1 |
Amenities
Unit Amenities
- Balcony
Site Amenities
- Laundry Facilities
- Elevator
1 1
Exceptionally walkable
100/100
Fairly drivable
40/100
Exceptional public transit
100/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 02745-0033 | Improvements Assessment | $2,769,750 |
| Land Assessment | $232,200 | Total Assessment | $3,001,950 |
Property Taxes
Parcel Number
02745-0033
Land Assessment
$232,200
Improvements Assessment
$2,769,750
Total Assessment
$3,001,950
Contacts
-
DJ Johnston -
Robert Moore -
Bobby Lawrence -
Bryan Kirk -
Matthews Real Estate Investment Services
1 of 5
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
1 of 1
Presented by
1169 Hoe Ave
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.