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2387 Morris Avenue 67-83 E 184th St 34 Unit Apartment Building $3,200,000 ($94,118/Unit) 8.10% Cap Rate Bronx, NY 10468
INVESTMENT HIGHLIGHTS
- This 34-unit walk-up building comprises 3 studio, 21 one- bedroom, 1 two-bedroom, 4 three-bedroom apartments, and 5 commercial stores
- The building offers investors a steady annual rent from the commercial stores plus the upside of $190,132 in preferential rents
- 8.1% Cap Rate | 4.7x GRM | $94,118 Per Unit | $90 Per Sqft.
- 2387 Morris Avenue is well located, close to St. James Park, Monroe University, and the Fordham Road B & D Trains.
EXECUTIVE SUMMARY
The New York Multifamily Team at Marcus & Millichap is pleased to offer the following opportunity in Fordham. 2387 Morris Avenue is situated right off West Fordham Road on the corner of Morris Avenue and 184th Street. The building spans 35,429 square feet and comprises 29 residential units and 5 stores. This corner walk-up building has been owned and operated by the same family for over 20 years and shall consist of 3 studio, 21 one-bedroom, 1 two-bedroom, and 4 three-bedroom apartments. In addition, the five commercial units make up 38% of the total gross income for the asset. This offers investors a unique opportunity to acquire a legacy asset in a highly desirable submarket of the North Bronx, with future rental upside from a $190,132 annual preferential rent delta between actual and DHCR-registered rents. 2387 Morris Avenue is
Conveniently located a few steps from St. James Park, Monroe University, and the Fordham Road B & D Trains.
Conveniently located a few steps from St. James Park, Monroe University, and the Fordham Road B & D Trains.
PROPERTY FACTS
| Price | $3,200,000 | Property Subtype | Apartment |
| Price Per Unit | $94,118 | Apartment Style | Mid-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 8.10% | Lot Size | 0.15 AC |
| Gross Rent Multiplier | 4.7 | Building Size | 35,429 SF |
| No. Units | 34 | No. Stories | 5 |
| Property Type | Multifamily | Year Built | 1923 |
| Zoning | R8 | ||
| Price | $3,200,000 |
| Price Per Unit | $94,118 |
| Sale Type | Investment |
| Cap Rate | 8.10% |
| Gross Rent Multiplier | 4.7 |
| No. Units | 34 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 35,429 SF |
| No. Stories | 5 |
| Year Built | 1923 |
| Zoning | R8 |
AMENITIES
UNIT AMENITIES
- Heating
- Kitchen
- Range
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 34 | - | - |
1 1
Walk Score®
Walker's Paradise (95)
Transit Score®
Rider's Paradise (100)
PROPERTY TAXES
| Parcel Number | 03184-0076 | Improvements Assessment | $978,750 |
| Land Assessment | $69,120 | Total Assessment | $1,047,870 |
PROPERTY TAXES
Parcel Number
03184-0076
Land Assessment
$69,120
Improvements Assessment
$978,750
Total Assessment
$1,047,870
CONTACTS
-
Seth Glasser -
Michael Fusco -
Benjamin Myerow -
Christopher Mehran -
Marcus & Millichap
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2387 Morris Avenue | 67-83 E 184th St
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