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1692 Grand Concourse 26 Unit Apartment Building $4,800,000 ($184,615/Unit) 7.53% Cap Rate Bronx, NY 10457
Executive Summary
• Rare opportunity to acquire a 26 unit majority free market building on the East side of Grand Concourse, between 173rd Street & 174th Street;
• Value-add potential upon lease turnover as free market rents are below the current Section 8 subsidy standards;
• New subsidy payment standards totaling $2,762 for one (1) bedroom apartments & $3,058 for two (2) bedroom apartments;
• Unit breakdown is comprised of eighteen (18) 1-bedroom apartments and eight (8) 2-bedroom apartments;
• Transportation is in abundance with quick access to the 174-175th Streets Subway station, offering direct access to the B and D lines and conveniently located in front of multiple bus stops, including the Bx1 and Bx2 routes;
• Benefits from a vibrant environment with a diverse mix of national and local businesses, including supermarkets, local eateries, schools, and medical institutions.
• Value-add potential upon lease turnover as free market rents are below the current Section 8 subsidy standards;
• New subsidy payment standards totaling $2,762 for one (1) bedroom apartments & $3,058 for two (2) bedroom apartments;
• Unit breakdown is comprised of eighteen (18) 1-bedroom apartments and eight (8) 2-bedroom apartments;
• Transportation is in abundance with quick access to the 174-175th Streets Subway station, offering direct access to the B and D lines and conveniently located in front of multiple bus stops, including the Bx1 and Bx2 routes;
• Benefits from a vibrant environment with a diverse mix of national and local businesses, including supermarkets, local eateries, schools, and medical institutions.
Property Facts
| Price | $4,800,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $184,615 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.14 AC |
| Cap Rate | 7.53% | Building Size | 18,920 SF |
| No. Units | 26 | No. Stories | 5 |
| Property Type | Multifamily | Year Built | 1924 |
| Property Subtype | Apartment | ||
| Zoning | R8, Bronx, (C1) | ||
| Price | $4,800,000 |
| Price Per Unit | $184,615 |
| Sale Type | Investment |
| Cap Rate | 7.53% |
| No. Units | 26 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 18,920 SF |
| No. Stories | 5 |
| Year Built | 1924 |
| Zoning | R8, Bronx, (C1) |
Amenities
Unit Amenities
- Heating
- Kitchen
- Refrigerator
- Tub/Shower
- Freezer
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Smoke Free
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 17 | - | 500 |
| 2+1 | 9 | - | 650 |
1 1
Exceptionally walkable
100/100
Moderately drivable
60/100
Exceptional public transit
100/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 02823-0045 | Improvements Assessment | $400,680 |
| Land Assessment | $58,860 | Total Assessment | $459,540 |
Property Taxes
Parcel Number
02823-0045
Land Assessment
$58,860
Improvements Assessment
$400,680
Total Assessment
$459,540
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1692 Grand Concourse
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