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2334 Tiebout Ave 76 Unit Apartment Building $7,350,000 ($96,711/Unit) 9.90% Cap Rate Bronx, NY 10458
Executive Summary
Friedman-Roth Realty Services is pleased to exclusively offer 2334 Tiebout Avenue, a 76-unit, six-story elevator apartment building located in the Belmont section of the Bronx.
This exceptional multifamily investment offers an approximate 10.0% CAP Rate, strong in-place cash flow, and significant long-term upside through approximately $297,000 in preferential rent growth. Family-owned for nearly 70 years, the property has been well maintained and benefits from numerous recent capital improvements.
Recent upgrades include a new elevator (2021), upgraded electrical service with new electric stoves, rewired apartments, new risers, a new roof, renovated apartments, and a RunWise smart boiler management system designed to improve operating efficiency.
Investment Highlights
Approximate 10.0% CAP Rate
76 Residential Units
38 Preferential Rents with Approximately $297,000 of Upside
6-Story Elevator Building
Family Owned for Nearly 70 Years
Extensive Capital Improvements Completed
Strong In-Place Cash Flow
Asking Price: $7,250,000
Offering Memorandum, financials, and additional due diligence materials are available upon request.
This exceptional multifamily investment offers an approximate 10.0% CAP Rate, strong in-place cash flow, and significant long-term upside through approximately $297,000 in preferential rent growth. Family-owned for nearly 70 years, the property has been well maintained and benefits from numerous recent capital improvements.
Recent upgrades include a new elevator (2021), upgraded electrical service with new electric stoves, rewired apartments, new risers, a new roof, renovated apartments, and a RunWise smart boiler management system designed to improve operating efficiency.
Investment Highlights
Approximate 10.0% CAP Rate
76 Residential Units
38 Preferential Rents with Approximately $297,000 of Upside
6-Story Elevator Building
Family Owned for Nearly 70 Years
Extensive Capital Improvements Completed
Strong In-Place Cash Flow
Asking Price: $7,250,000
Offering Memorandum, financials, and additional due diligence materials are available upon request.
Property Facts
| Price | $7,350,000 | Building Class | C |
| Price Per Unit | $96,711 | Lot Size | 0.42 AC |
| Sale Type | Investment | Building Size | 71,254 SF |
| Cap Rate | 9.90% | Average Occupancy | 100% |
| No. Units | 76 | No. Stories | 6 |
| Property Type | Multifamily | Year Built | 1928 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Mid-Rise | ||
| Zoning | R7-1 | ||
| Price | $7,350,000 |
| Price Per Unit | $96,711 |
| Sale Type | Investment |
| Cap Rate | 9.90% |
| No. Units | 76 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.42 AC |
| Building Size | 71,254 SF |
| Average Occupancy | 100% |
| No. Stories | 6 |
| Year Built | 1928 |
| Opportunity Zone |
Yes |
| Zoning | R7-1 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 76 | - | - |
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Exceptionally walkable
100/100
Somewhat drivable
30/100
Exceptional public transit
100/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 03143-0260 | Improvements Assessment | $1,395,270 |
| Land Assessment | $83,250 | Total Assessment | $1,478,520 |
Property Taxes
Parcel Number
03143-0260
Land Assessment
$83,250
Improvements Assessment
$1,395,270
Total Assessment
$1,478,520
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