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253 East 206th Street 253 E 206th St 10 Unit Apartment Building $3,000,000 ($300,000/Unit) 4.60% Cap Rate Bronx, NY 10467
INVESTMENT HIGHLIGHTS
- 100% Free Market | 2019 Construction
- Steps from Montefiore Hospital, Fordham University, and subway access.
- 100% free market units in a high-demand Bronx location.
- Attractive seller financing: 5% interest, no prepayment penalty.
EXECUTIVE SUMMARY
Seller Financing
• Rate: 5.00%
• Proceeds: $2,000,000 ($1,000,000 Down Payment)
• Term: 5 years | 2 Years Interest Only
• Amortization: 30 Years
• Prepayment Penalty: None
• 100% Free Market | 2019 Construction:
253 East 206th Street is a 100% free market asset, built without any tax abatement. The building was issued its final certificate of occupancy in 2019.
• Value-Add:
Current rents are 30% below market, presenting an opportunity for significant upside through turnover or Section 8 / City Program Vouchers. The average rent is $1,944 per apartment per month.
• The Building:
This 10 unit walk-up is composed of 3 studios, 5 one- bedrooms, and 2 two-bedrooms. There are currently 2 vacant units.
• Prime Location
This building is just steps from Montefiore Hospital, Bronx Park, Fordham University, The New York Botanical Garden, and the Norwood Subway Station.
• Tax Class Protected:
253 East 206th Street is a tax class 2B asset, with tax liability capped at 8% per year or 30% over 5 years.
• Rate: 5.00%
• Proceeds: $2,000,000 ($1,000,000 Down Payment)
• Term: 5 years | 2 Years Interest Only
• Amortization: 30 Years
• Prepayment Penalty: None
• 100% Free Market | 2019 Construction:
253 East 206th Street is a 100% free market asset, built without any tax abatement. The building was issued its final certificate of occupancy in 2019.
• Value-Add:
Current rents are 30% below market, presenting an opportunity for significant upside through turnover or Section 8 / City Program Vouchers. The average rent is $1,944 per apartment per month.
• The Building:
This 10 unit walk-up is composed of 3 studios, 5 one- bedrooms, and 2 two-bedrooms. There are currently 2 vacant units.
• Prime Location
This building is just steps from Montefiore Hospital, Bronx Park, Fordham University, The New York Botanical Garden, and the Norwood Subway Station.
• Tax Class Protected:
253 East 206th Street is a tax class 2B asset, with tax liability capped at 8% per year or 30% over 5 years.
PROPERTY FACTS
| Price | $3,000,000 | Property Subtype | Apartment |
| Price Per Unit | $300,000 | Apartment Style | Mid-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 4.60% | Lot Size | 0.07 AC |
| Gross Rent Multiplier | 12.9 | Building Size | 6,388 SF |
| No. Units | 10 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 2017 |
| Zoning | R7B - Medium-Density Apartment House District with Lower Parking Requirements. | ||
| Price | $3,000,000 |
| Price Per Unit | $300,000 |
| Sale Type | Investment |
| Cap Rate | 4.60% |
| Gross Rent Multiplier | 12.9 |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.07 AC |
| Building Size | 6,388 SF |
| No. Stories | 4 |
| Year Built | 2017 |
| Zoning | R7B - Medium-Density Apartment House District with Lower Parking Requirements. |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Smoke Free
- Smoke Detector
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Walk Score®
Walker's Paradise (93)
Transit Score®
Rider's Paradise (100)
Bike Score®
Very Bikeable (70)
PROPERTY TAXES
| Parcel Number | 03335-0134 | Improvements Assessment | $242,326 |
| Land Assessment | $55,804 | Total Assessment | $298,130 |
PROPERTY TAXES
Parcel Number
03335-0134
Land Assessment
$55,804
Improvements Assessment
$242,326
Total Assessment
$298,130
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253 East 206th Street | 253 E 206th St
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