Listed by Ariel Property Advisors
$4,800,000
1692 Grand Concourse
Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 18,920
Units 26
Cap Rate 7.71%
NOI $369,895
Pro-Forma Cap Rate 11.39%
Pro-Forma NOI $546,585
Year Built 1924
Stories 5
Lot Size (SqFt) 5,992
Zoning R8 / C
Investment Type Value Add
Price Reduction | 7.71% CAP | 26 Units
Marketing description
Rare Majority Free Market 26 Unit Walk-Up Building
Investment highlights
- Rare opportunity to acquire a 26 unit majority free market building on the east side of grand concourse, between 173rd street & 174th street
- Value-add potential upon lease turnover as free market rents are below the current section 8 subsidy standards
- New subsidy payment standards totaling $2,762 for one (1) bedroom apartments & $3,058 for two (2) bedroom apartments
- Unit breakdown is comprised of eighteen (18) 1-bedroom apartments and eight (8) 2-bedroom apartments
- Transportation is in abundance with quick access to the 174-175th streets subway station, offering direct access to the b and d lines and conveniently located in front of multiple bus stops, including the bx1 and bx2 routes
- Benefits from a vibrant environment with a diverse mix of national and local businesses, including supermarkets, local eateries, schools, and medical institutions
Listing Contacts
Listed by Ariel Property Advisors
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$369,895.00
$30,824.58/mo
Valuation Metrics
0
DSCR
7.71%
Cap Rate
7.71%
ROI
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