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2116 Colonial Ave 16 Unit Apartment Building $5,250,000 ($328,125/Unit) 6.84% Cap Rate Bronx, NY 10461
Investment Highlights
- Modern seven-story elevator apartment building completed in 2020.
- Benefits from a 35-year 421a tax exemption effective through 2055, dramatically reducing annual taxes.
- Offers strong in-place income with year-one Net Operating Income of approximately $359,000.
- Includes 16 units with an efficient mix of studios, one-bedroom, and two-bedroom configurations.
- Located in Pelham Bay near Pelham Bay Park, providing abundant recreational amenities and transit accessibility.
- Thoughtfully designed common areas with laundry facilities and onsite parking accommodations.
Executive Summary
2116 Colonial Avenue offers a compelling multifamily investment in the heart of Pelham Bay, one of the Bronx’s most desirable residential enclaves. Built in 2020, this seven-story elevator-serviced property features 15,362 square feet across sixteen units with modern layouts and finishes. The building is complemented by durable construction, in-unit metering, and contemporary building systems, providing a low-maintenance operating profile.
The property benefits significantly from a 35-year 421a tax exemption, offering long-term real estate tax savings through 2055 and enhancing overall yield potential. Located steps from Pelham Bay Park and near Subway lines 6 and Bx bus routes, residents enjoy convenient access to both Manhattan and Westchester County. The surrounding neighborhood provides a balanced mix of green spaces, retail corridors, and premier dining options along Westchester Avenue and Crosby Avenue.
With stable occupancy, strong rent collections averaging over $36,900 monthly, and an effective gross income exceeding $467,000 annually, this property is positioned as a high-quality, income-generating asset ideal for long-term holders seeking tax-advantaged investments in a thriving Bronx submarket.
The property benefits significantly from a 35-year 421a tax exemption, offering long-term real estate tax savings through 2055 and enhancing overall yield potential. Located steps from Pelham Bay Park and near Subway lines 6 and Bx bus routes, residents enjoy convenient access to both Manhattan and Westchester County. The surrounding neighborhood provides a balanced mix of green spaces, retail corridors, and premier dining options along Westchester Avenue and Crosby Avenue.
With stable occupancy, strong rent collections averaging over $36,900 monthly, and an effective gross income exceeding $467,000 annually, this property is positioned as a high-quality, income-generating asset ideal for long-term holders seeking tax-advantaged investments in a thriving Bronx submarket.
Property Facts
| Price | $5,250,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $328,125 | Building Class | A |
| Sale Type | Investment | Lot Size | 0.09 AC |
| Cap Rate | 6.84% | Building Size | 13,900 SF |
| No. Units | 16 | No. Stories | 6 |
| Property Type | Multifamily | Year Built | 2022 |
| Property Subtype | Apartment | Parking Ratio | 0.58/1,000 SF |
| Zoning | R7-1 - Commercial district predominantly residential in character | ||
| Price | $5,250,000 |
| Price Per Unit | $328,125 |
| Sale Type | Investment |
| Cap Rate | 6.84% |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | A |
| Lot Size | 0.09 AC |
| Building Size | 13,900 SF |
| No. Stories | 6 |
| Year Built | 2022 |
| Parking Ratio | 0.58/1,000 SF |
| Zoning | R7-1 - Commercial district predominantly residential in character |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 16 | - | - |
1 1
Exceptionally walkable
90/100
Moderately drivable
60/100
Exceptional public transit
100/100
Very bikeable
80/100
Property Taxes
| Parcel Number | 04252-0007 | Improvements Assessment | $265,500 |
| Land Assessment | $112,050 | Total Assessment | $377,550 |
Property Taxes
Parcel Number
04252-0007
Land Assessment
$112,050
Improvements Assessment
$265,500
Total Assessment
$377,550
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