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2073 Ryer Ave 23 Unit Apartment Building $9,400,000 ($408,696/Unit) 8.70% Cap Rate Bronx, NY 10457
Executive Summary
The New York Multifamily team at Marcus & Millichap is pleased to present thefollowing opportunity in Fordham. 2073 Ryer Avenue is a newly constructed elevatorbuilding situated between East Burnside Avenue and East 180th Street. The buildingwas issued its final certificate of occupancy in December 2024.
With a high average rent of $3,613 per apartment through Section 8 vouchers, this meticulously maintained asset benefits from an active 421-a tax abatement, resulting in a current annual tax bill of $2,211. The abatement has 34 more years of till expiration. All leases are equipped with the proper 421-a riders, confirming that each unit will revert to free market status once the 421-a abatement term concludes.
Finished Product 2073 Ryer Avenue offers investors a rare opportunity to acquire a pristine elevator building in a prime location, featuring market rents and fully renovated units with 100% collections. Each unit also includes its own washer, dryer, and hot waterheater.
The property benefits from close proximity to two prime retail corridors, the GrandConcourse & Fordham Road, Saint Barnabas Hospital, Bronx Community College, and the 182nd B & D subway
The Opportunity
• The Building: This 23-unit elevator building comprises 16 studios and 7 one-bedroom apartments
• The Metrics: 8.7% Cap | 9.4x GRM | 11.7% C-O-C Return
• Prime Location: 2073 Ryer Avenue is well located close to the Grand Concourse& Fordham Road, Saint Barnabas Hospital, Bronx Community College, and the 182nd B & D subway
With a high average rent of $3,613 per apartment through Section 8 vouchers, this meticulously maintained asset benefits from an active 421-a tax abatement, resulting in a current annual tax bill of $2,211. The abatement has 34 more years of till expiration. All leases are equipped with the proper 421-a riders, confirming that each unit will revert to free market status once the 421-a abatement term concludes.
Finished Product 2073 Ryer Avenue offers investors a rare opportunity to acquire a pristine elevator building in a prime location, featuring market rents and fully renovated units with 100% collections. Each unit also includes its own washer, dryer, and hot waterheater.
The property benefits from close proximity to two prime retail corridors, the GrandConcourse & Fordham Road, Saint Barnabas Hospital, Bronx Community College, and the 182nd B & D subway
The Opportunity
• The Building: This 23-unit elevator building comprises 16 studios and 7 one-bedroom apartments
• The Metrics: 8.7% Cap | 9.4x GRM | 11.7% C-O-C Return
• Prime Location: 2073 Ryer Avenue is well located close to the Grand Concourse& Fordham Road, Saint Barnabas Hospital, Bronx Community College, and the 182nd B & D subway
Property Facts
| Price | $9,400,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $408,696 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.06 AC |
| Cap Rate | 8.70% | Building Size | 16,595 SF |
| Gross Rent Multiplier | 9.4 | Average Occupancy | 100% |
| No. Units | 23 | No. Stories | 8 |
| Property Type | Multifamily | Year Built | 2023 |
| Property Subtype | Apartment | ||
| Zoning | R8 | ||
| Price | $9,400,000 |
| Price Per Unit | $408,696 |
| Sale Type | Investment |
| Cap Rate | 8.70% |
| Gross Rent Multiplier | 9.4 |
| No. Units | 23 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.06 AC |
| Building Size | 16,595 SF |
| Average Occupancy | 100% |
| No. Stories | 8 |
| Year Built | 2023 |
| Zoning | R8 |
1 1
Walk Score®
Walker's Paradise (92)
Transit Score®
Rider's Paradise (100)
Property Taxes
| Parcel Number | 03156-0059 | Improvements Assessment | $192,183 |
| Land Assessment | $37,947 | Total Assessment | $230,130 |
Property Taxes
Parcel Number
03156-0059
Land Assessment
$37,947
Improvements Assessment
$192,183
Total Assessment
$230,130
Contacts
-
Seth Glasser -
Michael Fusco -
Benjamin Myerow -
Christopher Mehran -
Marcus & Millichap
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2073 Ryer Ave
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