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1684 Banyer Pl 18 Unit Apartment Building $3,000,000 ($166,667/Unit) 7.50% Cap Rate Bronx, NY 10473
Investment Highlights
- 3 Building Package with In Place Cash Flow/Value Add Potential
- A 15 yr 421a that expires on June 30, 2026, upon which the apts become destabilized with vacancy & rents can be increased with the next tenant
- Conveniently located near public transportation (6 train subway and buses), retail corridors, and neighborhood amenities
- The 3 properties each contain 6 rent stabilized apartments, comprising a total of 18 apartments
- Each building is built 25 ft x 51 ft across three floors, totaling 3,825 square feet and has a cellar
Executive Summary
Investment Property Realty Group (IPRG) has been exclusively retained to sell a three building assemblage at 1684 A, B, C Banyer Place (Lots 22, 122, 23). The subject properties are located in the Soundview neighborhood of the Bronx.
The three properties, built in 2009, each contain 6 rent stabilized apartments, comprising a total of 18 apartments and rear yard parking accessible via Croes Avenue. There is a 15 year 421a that expires on June 30, 2026, upon which the apartments become destabilized with vacancy and rents can be increased with the next tenant. Each building is built 25 ft x 51 ft across three floors, totaling 3,825 square feet and has a cellar. The unit count is 5 one bedrooms and 1 studio per building. Each of these apartments
contain their own gas fueled heat and hot water boilers, and the common hallways contain a fire sprinkler system. The portfolio represents a well-maintained multifamily package offering investors stable in-place cash flow with the ability to significantly increase under market rents.
The properties are conveniently located near public transportation (6 train subway and buses), retail corridors, and neighborhood amenities, with close proximity to major thoroughfares providing efficient access throughout the Bronx and greater New York City.
The three properties, built in 2009, each contain 6 rent stabilized apartments, comprising a total of 18 apartments and rear yard parking accessible via Croes Avenue. There is a 15 year 421a that expires on June 30, 2026, upon which the apartments become destabilized with vacancy and rents can be increased with the next tenant. Each building is built 25 ft x 51 ft across three floors, totaling 3,825 square feet and has a cellar. The unit count is 5 one bedrooms and 1 studio per building. Each of these apartments
contain their own gas fueled heat and hot water boilers, and the common hallways contain a fire sprinkler system. The portfolio represents a well-maintained multifamily package offering investors stable in-place cash flow with the ability to significantly increase under market rents.
The properties are conveniently located near public transportation (6 train subway and buses), retail corridors, and neighborhood amenities, with close proximity to major thoroughfares providing efficient access throughout the Bronx and greater New York City.
Property Facts
| Price | $3,000,000 | Apartment Style | Low-Rise |
| Price Per Unit | $166,667 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.10 AC |
| Cap Rate | 7.50% | Building Size | 10,252 SF |
| Gross Rent Multiplier | 7.24 | Average Occupancy | 100% |
| No. Units | 18 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 2009 |
| Property Subtype | Apartment |
| Price | $3,000,000 |
| Price Per Unit | $166,667 |
| Sale Type | Investment |
| Cap Rate | 7.50% |
| Gross Rent Multiplier | 7.24 |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.10 AC |
| Building Size | 10,252 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 2009 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 3 | - | - |
| 1+1 | 15 | - | - |
1 1
Walk Score®
Very Walkable (87)
Transit Score®
Excellent Transit (84)
Property Taxes
| Parcel Number | 03660-0024 | Improvements Assessment | $408,094 |
| Land Assessment | $5,906 | Total Assessment | $414,000 |
Property Taxes
Parcel Number
03660-0024
Land Assessment
$5,906
Improvements Assessment
$408,094
Total Assessment
$414,000
Contacts
-
Steve Reynolds -
Brian Davila -
John Loch -
Carson Brantley -
Investment Property Realty Group
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