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2525 Morris Ave 58 Unit Apartment Building $4,300,000 ($74,138/Unit) 8.20% Cap Rate Bronx, NY 10468
INVESTMENT HIGHLIGHTS
- This 58-unit walk-up building comprises 1 studio,19 one-bedroom, 28 two-bedroom, 9 three-bedroom and one four-bedroom apartments
- The bldg offers investors a steady annual plus the upside of $303,298 in preferential rents, which owners can capitalize upon vacancy
- Renovating these legal apartments offers immediate upside potential for rental income.
- 8.2% Cap Rate | 4.4x GRM | $74,138 Per Unit | $76 Per Sqft
- Five currently uninhabitable basement units are included in the CO.
- 2525 Morris Avenue is well located, close to St. James Park, Monroe University, and the Fordham B & D Trains
EXECUTIVE SUMMARY
The New York Multifamily Team at Marcus & Millichap is pleased to offer the following opportunity in Fordham. 2525 Morris Avenue is situated right off St. James Park on the
corner of Morris Avenue and East 190th Street. The building spans 56,455 square feet and comprises 58 residential units. This corner walk-up building has been owned and
operated by the same family for over 20 years and shall consist of 1 studio, 19 one- bedroom, 28 two-bedroom, 9 three-bedroom and one four-bedroom apartments. This offers investors a unique opportunity to acquire a legacy asset in a highly desirable submarket of North Bronx, with future rental upside from a $303,298 annual preferential rent delta between actual and DHCR-registered rents. 2525 Morris Avenue is conveniently located a few steps from St. James Park, Monroe University, and the Fordham B & D Trains.
corner of Morris Avenue and East 190th Street. The building spans 56,455 square feet and comprises 58 residential units. This corner walk-up building has been owned and
operated by the same family for over 20 years and shall consist of 1 studio, 19 one- bedroom, 28 two-bedroom, 9 three-bedroom and one four-bedroom apartments. This offers investors a unique opportunity to acquire a legacy asset in a highly desirable submarket of North Bronx, with future rental upside from a $303,298 annual preferential rent delta between actual and DHCR-registered rents. 2525 Morris Avenue is conveniently located a few steps from St. James Park, Monroe University, and the Fordham B & D Trains.
PROPERTY FACTS
| Price | $4,300,000 | Property Subtype | Apartment |
| Price Per Unit | $74,138 | Apartment Style | Mid-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 8.20% | Lot Size | 0.36 AC |
| Gross Rent Multiplier | 4.4 | Building Size | 56,455 SF |
| No. Units | 58 | No. Stories | 5 |
| Property Type | Multifamily | Year Built | 1924 |
| Zoning | R8 | ||
| Price | $4,300,000 |
| Price Per Unit | $74,138 |
| Sale Type | Investment |
| Cap Rate | 8.20% |
| Gross Rent Multiplier | 4.4 |
| No. Units | 58 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.36 AC |
| Building Size | 56,455 SF |
| No. Stories | 5 |
| Year Built | 1924 |
| Zoning | R8 |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 58 | - | - |
1 1
Walk Score®
Walker's Paradise (96)
Transit Score®
Rider's Paradise (100)
PROPERTY TAXES
| Parcel Number | 03190-0050 | Improvements Assessment | $1,130,580 |
| Land Assessment | $154,170 | Total Assessment | $1,284,750 |
PROPERTY TAXES
Parcel Number
03190-0050
Land Assessment
$154,170
Improvements Assessment
$1,130,580
Total Assessment
$1,284,750
CONTACTS
-
Seth Glasser -
Michael Fusco -
Benjamin Myerow -
Christopher Mehran -
Marcus & Millichap
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2525 Morris Ave
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