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1281 Hoe Ave
Bronx, NY 10459
Multifamily Property For Sale
·
45 Units
Investment Highlights
- Newly built in 2022 with 46 total units, including a 2,700 SF commercial space leased under NNN terms.
- Positioned steps from multiple subway lines and minutes from Bruckner Expressway for robust regional access.
- Situated in a federally designated Opportunity Zone, offering potential tax incentives for investors.
- Benefiting from a 35-year 421-A tax abatement, significantly reducing operating costs.
- Located within a dense Bronx neighborhood near schools, retail corridors, and community services.
Executive Summary
1281 Hoe Avenue is a well-located multifamily investment opportunity situated in the Fairmont section of the Bronx. The
asset comprises approximately 24,918 square feet of total building area on a 0.12-acre lot, within R7-1 zoning, offering
strong underlying residential density.
The property is being offered at an asking price of $13,750,000 and generates an estimated Net Operating Income (NOI)
of approximately $850,000, reflecting a going-in capitalization rate of approximately 6.18%. This places the asset
competitively within the Bronx multifamily market, where investor demand remains strong.
asset comprises approximately 24,918 square feet of total building area on a 0.12-acre lot, within R7-1 zoning, offering
strong underlying residential density.
The property is being offered at an asking price of $13,750,000 and generates an estimated Net Operating Income (NOI)
of approximately $850,000, reflecting a going-in capitalization rate of approximately 6.18%. This places the asset
competitively within the Bronx multifamily market, where investor demand remains strong.
Property Facts
| Price Per Unit | $305,556 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.11 AC |
| Cap Rate | 6.18% | Building Size | 24,918 SF |
| No. Units | 45 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 9 |
| Property Subtype | Apartment | Year Built | 2021 |
| Apartment Style | Mid-Rise | Opportunity Zone |
Yes
|
| Zoning | R7-1 - Residential R7-1 | ||
| Price Per Unit | $305,556 |
| Sale Type | Investment |
| Cap Rate | 6.18% |
| No. Units | 45 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.11 AC |
| Building Size | 24,918 SF |
| Average Occupancy | 100% |
| No. Stories | 9 |
| Year Built | 2021 |
| Opportunity Zone |
Yes |
| Zoning | R7-1 - Residential R7-1 |
Amenities
Unit Amenities
- Kitchen
- Tub/Shower
Site Amenities
- 24 Hour Access
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 45 | - | - |
Property Taxes
| Parcel Number | 02980-0056 | Improvements Assessment | $1,753,740 |
| Land Assessment | $38,610 | Total Assessment | $1,792,350 |
Property Taxes
Parcel Number
02980-0056
Land Assessment
$38,610
Improvements Assessment
$1,753,740
Total Assessment
$1,792,350
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