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598 East 183rd Street 598-600 E 183rd St 30 Unit Apartment Building $3,195,000 ($106,500/Unit) 8.70% Cap Rate Bronx, NY 10458
Investment Highlights
- This 30-unit walk-up building is composed of one store and 29 residential units.
- 8.3% Cap Rate | 5.1x GRM | $106,500 Per Unit | $121 Per Sqft
- 2239 Adams Place is conveniently located a few steps from prime Little Italy Retail Markets, St. Barnabas Hospital, and the Bronx Zoo
- It comprises one studio, five one-bedroom, 11 two-bedroom, and 12 three-bedroom apartments.
- The building offers investors a steady annual cash flow of $276,515 with $25,947 in delta upside
Executive Summary
The New York Multifamily Team at Marcus & Millichap is pleased to offer the following opportunity in one of the most sought-after neighborhoods in the Bronx, Little Italy. 2239 Adams Place is situated in prime Belmont, right off 182 Street & Arthur Avenue and a short walk to Saint Barnabas Medical Center. The building spans 26,400 square feet and is composed of 30 units, 29 residential with 1 commercial store on the ground floor. This corner mixed-use walk-up building has been owned and operated by the same family for over 19 years and is composed of 1 studio, 5 one-bed, 11 two-bed & 12 three-bedroom apartments. This offers investors a unique opportunity to acquire a legacy asset in a highly desirable submarket of the Bronx that provides future rental upside though a $25,947 annual preferential rent delta of actual vs DHCR legal registered rents. 2239 Adams Place is conveniently located a few steps from prime Little Italy Retail Markets, St. Barnabas Hospital, and the Bronx Zoo.
Property Facts
| Price | $3,195,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $106,500 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.13 AC |
| Cap Rate | 8.70% | Building Size | 26,400 SF |
| Gross Rent Multiplier | 4.8 | No. Stories | 5 |
| No. Units | 30 | Year Built | 1908 |
| Property Type | Multifamily | Opportunity Zone |
Yes
|
| Property Subtype | Apartment | ||
| Zoning | R7-1 - Medium-Density Apartment House District with Lower Parking Requirements. | ||
| Price | $3,195,000 |
| Price Per Unit | $106,500 |
| Sale Type | Investment |
| Cap Rate | 8.70% |
| Gross Rent Multiplier | 4.8 |
| No. Units | 30 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.13 AC |
| Building Size | 26,400 SF |
| No. Stories | 5 |
| Year Built | 1908 |
| Opportunity Zone |
Yes |
| Zoning | R7-1 - Medium-Density Apartment House District with Lower Parking Requirements. |
Amenities
Unit Amenities
- Heating
- Kitchen
- Oven
- Tub/Shower
- Freezer
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Smoke Free
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1.5 | 30 | - | 900 |
1 1
Walk Score®
Walker's Paradise (96)
Transit Score®
Rider's Paradise (92)
Property Taxes
| Parcel Number | 03071-0025 | Improvements Assessment | $1,000,410 |
| Land Assessment | $103,500 | Total Assessment | $1,103,910 |
Property Taxes
Parcel Number
03071-0025
Land Assessment
$103,500
Improvements Assessment
$1,000,410
Total Assessment
$1,103,910
Contacts
-
Michael Fusco -
Seth Glasser -
Benjamin Myerow -
Christopher Mehran -
Marcus & Millichap
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598 East 183rd Street | 598-600 E 183rd St
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