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1692 Grand Concourse 26 Unit Apartment Building $4,800,000 ($184,615/Unit) 7.53% Cap Rate Bronx, NY 10457
Investment Highlights
- Rare opportunity to acquire a 26 unit majority free market building on the East side of Grand Concourse, between 173rd Street & 174th Street.
- New subsidy payment standards totaling $2,762 for one (1) bedroom apartments & $3,058 for two (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.
- Value-add potential upon lease turnover as free market rents are below the current Section 8 subsidy standards.
- Unit breakdown is comprised of eighteen (18) 1-bedroom apartments and eight (8) 2-bedroom apartments.
- Benefits from a vibrant environment with a diverse mix of national and local businesses, including supermarkets, schools, and medical institutions.
Executive Summary
1692 Grand Concourse presents a rare opportunity to acquire a 26-unit majority free market walk-up building in the Bronx. Positioned on the east side of Grand Concourse between 173rd and 174th Streets, the property offers significant upside through lease turnover, as current free market rents remain below Section 8 subsidy standards. The building consists of 18 one-bedroom and 8 two-bedroom apartments, providing a balanced unit mix for long-term stability. Located in a vibrant neighborhood with excellent access to transportation, the property is just steps from the 174-175th Street subway station, offering direct service on the B and D lines. Multiple bus routes, local retail, and essential services are nearby, enhancing tenant convenience. With a pro forma cap rate of 11.53% and strong neighborhood fundamentals, this asset offers investors a compelling value-add opportunity in one of New York City’s most dynamic residential corridors.
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 | 18 | - | 500 |
| 2+1 | 8 | - | 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 | $433,710 |
| Land Assessment | $67,500 | Total Assessment | $501,210 |
Property Taxes
Parcel Number
02823-0045
Land Assessment
$67,500
Improvements Assessment
$433,710
Total Assessment
$501,210
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1692 Grand Concourse
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