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715 E 214th St 37 Unit Apartment Building $6,600,000 ($178,378/Unit) 9.15% Cap Rate Bronx, NY 10467
Executive Summary
715 East 214th Street is an excellent multifamily investment opportunity in the thriving Wakefield
section of the Bronx. This well-maintained elevator building consists of 37 residential
apartments across a diverse unit mix of 19 studios, 9 one-bedrooms, and 9 two-bedrooms,
delivering strong in-place cash flow and stable occupancy.
The property is 100% occupied with many units held by long-term tenants supported through
established housing organizations and government-assisted programs, providing dependable
and predictable rental income. The building currently generates $58,319 per month ($699,826
annually) in gross rental income.
Operating at an 87%+ NOI margin, the building demonstrates exceptional operational efficiency.
Tenants pay heat and electric, keeping landlord expenses low. Conveniently located one block
from the 225th Street subway station (2/5 lines) with Metro-North access ~25 min to Grand
Central, making it one of Wakefield's most accessible locations.
section of the Bronx. This well-maintained elevator building consists of 37 residential
apartments across a diverse unit mix of 19 studios, 9 one-bedrooms, and 9 two-bedrooms,
delivering strong in-place cash flow and stable occupancy.
The property is 100% occupied with many units held by long-term tenants supported through
established housing organizations and government-assisted programs, providing dependable
and predictable rental income. The building currently generates $58,319 per month ($699,826
annually) in gross rental income.
Operating at an 87%+ NOI margin, the building demonstrates exceptional operational efficiency.
Tenants pay heat and electric, keeping landlord expenses low. Conveniently located one block
from the 225th Street subway station (2/5 lines) with Metro-North access ~25 min to Grand
Central, making it one of Wakefield's most accessible locations.
Property Facts
| Price | $6,600,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $178,378 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.14 AC |
| Cap Rate | 9.15% | Building Size | 23,464 SF |
| No. Units | 37 | No. Stories | 8 |
| Property Type | Multifamily | Year Built | 2013 |
| Property Subtype | Apartment | ||
| Zoning | R7A - R7A The Quality Housing bulk regulations, typically produce high lot coverage, seven- and eight-story apartment buildings, blending with existing buildings in many established neighborhoods. | ||
| Price | $6,600,000 |
| Price Per Unit | $178,378 |
| Sale Type | Investment |
| Cap Rate | 9.15% |
| No. Units | 37 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 23,464 SF |
| No. Stories | 8 |
| Year Built | 2013 |
| Zoning | R7A - R7A The Quality Housing bulk regulations, typically produce high lot coverage, seven- and eight-story apartment buildings, blending with existing buildings in many established neighborhoods. |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Microwave
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
- Freezer
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Public Transportation
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 12 | - | 600 |
| 1+1 | 25 | - | 750 |
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Exceptionally walkable
100/100
Somewhat drivable
30/100
Exceptional public transit
100/100
Very bikeable
80/100
Property Taxes
| Parcel Number | 04662-0023 | Improvements Assessment | $1,219,050 |
| Land Assessment | $190,350 | Total Assessment | $1,409,400 |
Property Taxes
Parcel Number
04662-0023
Land Assessment
$190,350
Improvements Assessment
$1,219,050
Total Assessment
$1,409,400
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715 E 214th St