1665 Macombs Rd
Bronx, NY 10453
Montmac Portfolio · Multifamily Property For Sale

The Montmac Portfolio presents a rare opportunity to acquire a 112-unit affordable housing asset in the heart of Morris Heights, Bronx. Comprising three elevator buildings totaling 121,450 gross square feet, the portfolio is strategically positioned near major transit arteries including the Major Deegan Expressway, Cross Bronx Expressway, and University Heights Bridge, offering seamless connectivity to Manhattan and the broader New York City metro.
The unit mix includes 56 one-bedroom, 45 two-bedroom, and 10 three-bedroom apartments, plus one commercial unit and on-site laundry facilities. With 23% of units currently occupied by Tenant-Based Vouchers (TBVs), the property benefits from stable income and long-term affordability protections under a regulatory agreement with HDC. All units are restricted to households earning at or below 60% of AMI, with J-51 tax exemptions in place through 2043 and 2044, significantly enhancing long-term returns.
A recent 610 amendment to the regulatory agreement allows for substantial revenue growth, positioning the asset for value-add strategies. The portfolio also includes assumable interest-only HDC senior and subordinate mortgages totaling $5.98 million, maturing in 2038, offering favorable financing terms. The concentrated nature of the sites supports operational efficiencies, while the surrounding neighborhood offers access to parks, recreation centers, and a Walk Score of 88, underscoring its pedestrian-friendly environment.
This offering is ideal for investors seeking stable cash flow, long-term tax benefits, and upside potential in a high-demand urban submarket.