Ariel Property Advisors
Listed by Ariel Property Advisors
Unpriced
675 Morris Avenue & 3000 Park Avenue
Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 278,931
Units 217
Year Built 2006
Buildings 2
Stories 8
Lot Size (SqFt) 58,400
Zoning R7-2, C2-4
Investment Type Value Add
Two 8-Story Assets | Long Term Tax Benefit | Low-Interest Assumable Debt
Marketing description
217 Units | New Construction | Long Term Tax Benefit | Low-Interest Assumable Debt | Significant Revenue Upside via 610 Amendment
Investment highlights
- Premier Bronx Footprint - 278,931 gross SF portfolio across two 8-story elevator buildings
- Value-Add Opportunity - Approval for 610 amendment to the existing regulatory agreement allowing for significant revenue growth
- Attractive Assumable Debt - Outstanding mortgage of $23,000,000 at a highly competitive 3.80% interest rate
- Dominant Transit Hub Access - Strategically embedded within the Bronx's most vital transit corridors, the properties offer seamless access to the 2, 4, and 5 subway lines
- Melrose Institutional Frontier - Positioned at the heart of the Melrose revitalization, a submarket experiencing a historic wave of modern residential construction and retail expansion
- Modern Construction - Built in 2006 and 2007, significantly reducing immediate capital expenditure needs
- Optimized Layouts - Features a diverse mix of 209 residential units consisting of studios, 1-bedroom, 2-bedroom and 3-bedroom units
- Lucrative 421-A Exemption - Benefits from a 421-A tax exemption through 2033, with future potential to convert to a 420-c tax benefit
- Diversified Income Streams - 209 residential units, 6 commercial spaces totaling 24,000 SF, two garages with a total of 54 spaces and an antenna on the roof
Listing Contacts
Ariel Property Advisors
Listed by Ariel Property Advisors
Valuation Calculator
Login or Sign up to see Valuation Metrics
Sign up for Crexi to see valuation metrics for this property
Loan Amount
$--
Annual Debt Service
$--
$--
Annual Cash Flow
$--
$--
Valuation Metrics
0
DSCR
--
Cap Rate
--
ROI
Map
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Is there information that looks off?
