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3573 Laconia Ave 20 Unit Apartment Building $5,850,000 ($292,500/Unit) 8.60% Cap Rate Bronx, NY 10469
Executive Summary
The New York Multifamily team at Marcus & Millichap is pleased to present the following opportunity in Williamsbridge. 3573 Laconia Avenue is a newly constructed walk-up building situated between 212th and 213th Street. The building was issued its final certificate of occupancy in August 2023. With a high average rent of $2,589 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 $2,638. The abatement has 32 more years until 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. There are also 13 parking spots, attributing an additional annual income of $24,000 and $137,761 in Preferential Rent Upside that can be captured upon vacancy.
Finished Product:
3573 Laconia Avenue offers investors a rare opportunity to acquire a pristine elevator building in a prime location, featuring market rents and fully renovated units with 95%collections. The property benefits from close proximity to two prime retail corridors, East Gun Hill Road & Boston Road, Bronx Charter School for Excellence, Williamsbridge Oval, and the Gun Hill Road 2 & 5 subway.
The Opportunity:
The Building: This 20-unit walkup building comprises 3 studios, 10 one-bedroom, 6 two-bedroom, and 1 three-bedroom apartments.Additional Income: There are 13 parking spots, adding an additional $24,000 in income and$137,761 in preferential rent upside. The Metrics: 8.6% Cap | $392/SF | $292,500 PPU. Prime Location: 3573 Laconia Avenue is well located close to East Gun Hill Road & Boston Road, Bronx Charter School for Excellence, Williamsbridge Oval, and the Gun Hill Road 2 & 5subway
Finished Product:
3573 Laconia Avenue offers investors a rare opportunity to acquire a pristine elevator building in a prime location, featuring market rents and fully renovated units with 95%collections. The property benefits from close proximity to two prime retail corridors, East Gun Hill Road & Boston Road, Bronx Charter School for Excellence, Williamsbridge Oval, and the Gun Hill Road 2 & 5 subway.
The Opportunity:
The Building: This 20-unit walkup building comprises 3 studios, 10 one-bedroom, 6 two-bedroom, and 1 three-bedroom apartments.Additional Income: There are 13 parking spots, adding an additional $24,000 in income and$137,761 in preferential rent upside. The Metrics: 8.6% Cap | $392/SF | $292,500 PPU. Prime Location: 3573 Laconia Avenue is well located close to East Gun Hill Road & Boston Road, Bronx Charter School for Excellence, Williamsbridge Oval, and the Gun Hill Road 2 & 5subway
Property Facts
| Price | $5,850,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $292,500 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.18 AC |
| Cap Rate | 8.60% | Building Size | 14,942 SF |
| Gross Rent Multiplier | 9.1 | Average Occupancy | 100% |
| No. Units | 20 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 2022 |
| Property Subtype | Apartment | ||
| Zoning | R5D | ||
| Price | $5,850,000 |
| Price Per Unit | $292,500 |
| Sale Type | Investment |
| Cap Rate | 8.60% |
| Gross Rent Multiplier | 9.1 |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.18 AC |
| Building Size | 14,942 SF |
| Average Occupancy | 100% |
| No. Stories | 4 |
| Year Built | 2022 |
| Zoning | R5D |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 20 | - | - |
1 1
Exceptionally walkable
100/100
Fairly drivable
40/100
Exceptional public transit
100/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 04695-0070 | Improvements Assessment | $896,646 |
| Land Assessment | $188,304 | Total Assessment | $1,084,950 |
Property Taxes
Parcel Number
04695-0070
Land Assessment
$188,304
Improvements Assessment
$896,646
Total Assessment
$1,084,950
Contacts
-
Christopher Mehran -
Seth Glasser -
Michael Fusco -
Benjamin Myerow -
Marcus & Millichap
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