501 East 234th Street, Bx, NY 10470

501 East 234th Street is a 43-unit rent-stabilized multifamily building located in the established Woodlawn Heights neighborhood of the Bronx, offered at $7,500,000 ($174,419/unit).

The property generates $701,351 in effective gross income from 42 occupied units, delivering a 5.37% cap rate on an NOI of $402,399 (excluding property tax) at the asking price. The building is 97.7% occupied with one immediately leasable vacancy, and several below-market units that present a credible mark-to-market upside path within the rent-stabilization framework.

The unit mix consists of 32 one-bedroom and 11 two-bedroom apartments, averaging $1,298/month and $1,638/month respectively. A discounted cash flow analysis at a 5% discount rate and 1.5% terminal growth rate yields an intrinsic value of approximately $10.9M — representing ~45% upside to the ask.

Woodlawn Heights is a transit-rich, low-vacancy submarket anchored by Metro-North (Woodlawn Station), the #4 subway, Van Cortlandt Park, and strong Irish and Latin American community anchors. The location provides approximately 30-minute access to Midtown Manhattan.

This offering is well-suited for a 1031 exchange buyer, family office, or private investor seeking stable Bronx cash flow at a basis below replacement cost.