1182 Ogden Avenue
Bronx, NY 10452
New Construction 21 Unit Building · Multifamily Property For Sale · 21 Units

Property Description
Discover an exceptional new-construction multifamily investment in the heart of the South Bronx: a 21-unit building at 1182 Ogden Avenue in the rapidly evolving Highbridge, Bronx neighborhood.
Key features:
21 one-bedroom units (~500 sf each) in a ground-up, state-of-the-art building.
Seven (7) of the units offered at affordable rents.
Premium finishes: high-end appliances, central HVAC with tenant control, no natural-gas (all-electric / DOB Energy approved) — modern and efficient.
Amenities: elevator, basement storage, possible roof deck(s) for penthouse units, 5 parking spaces included.
Land parcel: 0.17 ac (~7,405 sf) with zoning R7-1 and building FAR ~2.03.
Property tax benefits: tax set at the pre-demolition rate for 25 years.
Location: Excellent transit accessibility — multiple subway stations (4/ B/ D lines) and commuter rail within walking distance. Walk Score ~90 (“Walker’s Paradise”), Transit Score ~100.
Price: Listed at $11.85 million (price reduced) for the 21-unit asset.
Investor highlight:
This is a rare opportunity to acquire a fully-built, brand-new multifamily in a neighborhood undergoing transformation, with built-in tax incentives, premium finishes, and both market and affordable units. With the transit connectivity and emergent neighborhood momentum, the upside is meaningful.
Why Invest in This Area
Here are the key factors making Highbridge / Ogden Avenue area an attractive investment location:
Transit & Location Strength
The site benefits from superior access: multiple subway lines (4, B, D) within minutes, and commuter rail access nearby. That kind of connectivity is a major draw for renters and supports rental demand.
Neighborhood Momentum & Transformation
The Highbridge neighborhood has been increasingly attracting investment and residential development.
According to a recent Bronx Borough President development report, the borough added over 10,000 new housing units in 2023, with Community District 4 (which includes Highbridge) among the highest in the borough (~2,600 units added).
New construction nearby includes a major 26-story mixed-use/residential tower of ~421 units on the edge of Highbridge.
At 1415 Ogden Avenue a new 85-unit all-affordable/ supportive housing project broke ground (51 supportive + 34 low-income units) with a $66 mil investment.
All of this indicates rising investor confidence, zoning/acquisition interest, and a wider wave of amenities, infrastructure, and population growth.
Affordability Relative to Manhattan/Brooklyn + Upside
The South Bronx remains relatively affordable compared to Manhattan or hot parts of Brooklyn, which allows for upside as rents catch up over time. Demand is strengthening in the area, so properties that are newly built with quality amenities stand to benefit.
Tax & Operating Efficiency
In this case, the fact that the property’s tax is fixed at a pre-demo rate for 25 years is a major cap-ex/operating cost advantage. Also, the building is built new (no gas, modern HVAC) which should reduce maintenance/turnover costs initially.
Diverse Tenant Demand
With full transit, proximity to Manhattan, and an evolving neighborhood profile, tenant pools include young professionals, couples, and families seeking value and connectivity. The mix of affordable + market units also helps diversify risk.
Nearby Developments & Trends
Here are some specific, recent projects and data points to support the thesis:
The project at 1415 Ogden Ave (“Ogden Theatre Apartments”) is an 85-unit development with 51 supportive housing units and 34 for low-income households (= 60% AMI) in Highbridge.
A new 31-story tower at 1387 University Avenue in Highbridge will yield ~422 units (125 affordable, 190 supportive, 106 transitional) with construction underway for completion mid-2027.
The 2019 transaction at 1133 Ogden Avenue (a 400-unit building) sold for ~$76.3 million and converted to full affordability/regulation for 40+ years.
Neighborhood data show search interest up ~55% in Highbridge, indicating rising demand/awareness.
These items illustrate both the depth of development and the fact that the area is considered “in play” for investors and housing development alike. That means buying early (or now) gives advantage over those entering later.
Cap Rate / Investment Metrics & Upside Considerations
From the publicly available listing data:
Price: ~$11.85 M for 21 units.
Net Operating Income (NOI) listed ~ $650,000.
Implied cap rate: ~5.5%.
Interpretation:
A ~5.5% cap in a new-construction building in a transitioning neighborhood is relatively low, implying that the market is pricing in some growth/upside or that some risk/premium is accepted for the new asset and tax incentive.
For an investor, you’ll want to analyse: lease-up risk (if not fully stabilized), assumed rents vs market rents, unit turnover/maintenance costs, future tax escalation (after 25 years), and upside via rent growth, amenity premium, possible penthouse/roof deck enhancement, etc.
Upside levers include:
As the neighborhood continues to improve & demand increases, market rents could rise — enhancing NOI and value.
Premium finishes + amenities may allow rents at the high end of the market for the area, widening the spread over average.
The tax benefit (pre-demo rate for 25 yrs) improves cash flow relative to a comparable stabilized older building.
The neighborhood momentum means that future exits (5-10 year hold) may benefit from broader appreciation.
The mix of 7 affordable units helps diversify occupancy risk (though such units also have rent restrictions).
Risks to be mindful of:
The cap is modest, so you may need meaningful growth in NOI to achieve strong IRR.
Neighborhood is still transitioning: while that is upside, it also means some uncertainty (tenant mix, crime perception, infrastructure).
Future tax escalation post-incentive period or regulatory changes could impact returns.
Market competition (other new developments nearby may put pressure on rents).
Affordable units: the rent ceiling and regulatory restrictions may limit upside in that portion.
Conclusion
This 21-unit, newly built building at 1182 Ogden Avenue presents a rare opportunity: top-tier construction in a transit-rich and emerging neighborhood, built-in tax/incentive edge, strong neighborhood momentum, and a mix of affordable and market units to hedge risk. While the ~5.5% cap rate is modest, the upside is driven by rent growth, neighborhood transformation, and operational efficiencies.