3871 Sedgwick Avenue
Multifamily | 74 Units | $106,757/unit
Marketing description
The New York Multifamily Team at Marcus & Millichap is pleased to present the following opportunity in the highly coveted Kingsbridge Heights neighborhood of the Bronx. 3871 Sedgwick Avenue is a 74-unit elevator building that has been professionally managed and recently enhanced through a series of capital improvements. Encompassing 88,056 square feet, the property offers investors a rare chance to acquire a legacy asset with immediate economies of scale in one of the borough’s most desirable submarkets.
Encompassing 88,056 square feet, the property offers investors a rare chance to acquire a legacy asset with immediate economies of scale in one of the borough’s most desirable submarkets. Ideally positioned adjacent to Riverdale, 3871 Sedgwick Avenue also offers proximity to Manhattan College, Van Cortlandt Park, the vibrant Broadway commercial corridor, and the 231st Street 1 Train.
In addition to strong in-place income, ownership has completed major upgrades including an elevator modernization, a new boiler and burner with gas conversion, and comprehensive Local Law 11 façade work. MCI applications have been submitted for each of these projects, with a combined estimated annual rent increase of approximately $93,000 upon approval, offering investors a clear path to additional revenue and long-term value growth.
Boasting 135 feet of frontage, this meticulously maintained asset comprises 43 one-bedroom, 18 two-bedroom, 12 three-bedroom, and one studio apartment. 3871 Sedgwick Avenue is ideally located near Manhattan University, Van Cortlandt Park, the vibrant Broadway commercial corridor, and the 231st Street 1 Train.
Investment highlights
A six-story elevator building comprising 74 apartments and totaling 88,056 square ft, ideally situated between Van Cortlandt Avenue and West 238th St
Elevator Modernization – $268,000 total cost | Estimated $21,200 in annual MCI rent increases New Boiler, Burner, Oil Tank, Chimney Liner.
Gas Conversion – $415,000 total cost | Estimated $32,080 in annual MCI rent increases
Local Law 11 Façade Work – $516,000 total cost | Estimated $40,000 in annual MCI rent increases
9.2% Cap Rate | 5.2x GRM | $90 Per Sqft | $106,757 Per Unit
3871 Sedgwick Avenue is just steps from Manhattan University, Van Cortlandt Park, the vibrant Broadway commercial corridor, and the 231st St 1 Train
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