540-542 North High Street
Multifamily | 7 Units | $235,714/unit
Marketing description
The New York Multifamily Group at Marcus & Millichap is pleased to present 540-542 North High Street, an 8,000-square-foot multifamily property located on the northern border of the Bronx.
Positioned directly adjacent to the Fleetwood neighborhood of Mount Vernon, the asset sits within a dense residential corridor offering direct access to major regional retail hubs and exceptional transit connectivity.
The Property features seven residential units, delivering a balanced income stream supported by full occupancy and consistent demand from the area's deep renter pool. This boutique asset presents a rare acquisition opportunity with a 100% Fair Market unit designation, featuring zero rent-stabilized units and a highly desirable mix of one- and two-bedroom layouts, offering maximum operational flexibility for investors. Located just 0.9 miles from the Fleetwood Metro-North Station, the Property benefits from exceptional connectivity, providing a direct 30-minute commute into Grand Central Terminal in Manhattan.
The neighborhood's continued growth, underscored by multi-million-dollar infrastructure investments, underpins long-term rent appreciation and sustained investor demand.
Investment highlights
- The property offers a tremendous value-add opportunity to achieve a strong, stabilized return by capturing embedded rental upside. By raising below-market rents to market levels, investors can increase Net Operating Income from $111,220 to the projected $141,561. This optimized leasing strategy unlocks a highly lucrative 12.0% pro forma cash-on-cash return at the $1,650,000 acquisition price.
- Located just 0.9 miles from the Fleetwood Metro-North station, the property offers a direct 30-minute commute to Manhattan's Grand Central Terminal. This unbeatable transit access attracts NYC workforce tenants. Situated on the northern border of the Bronx, it bridges the gap between high borough rental demand and seamless suburban rail convenience.
- Located near Montefiore Hospital and the 34-acre Wartburg campus, the area is a growing medical hub. Montefiore's $41M investment and Wartburg's ArchCare integration drive healthcare job growth and solid tenant demand. This dense regional medical corridor ensures a stable, recession-resilient workforce base for the asset's immediate tenant pool.
- The Bronx-border submarket offers a compelling value proposition with an underwritten average rent that represents a significant discount compared to core New York City averages. This pricing sweet spot drives massive regional tenant demand and consistent leasing momentum. With local market demand outperforming actuals, the asset ensures rapid absorption and near-zero structural vacancy.
- The property features 100% Fair Market designation across all 7 residential units, providing complete operational freedom. With zero rent-stabilized or rent-controlled apartments and 100% of current leases expired, ownership is completely insulated from strict regulations. This gives an incoming buyer total flexibility to immediately implement a full mark-to-market renewal strategy.
Listing Contacts
Valuation Calculator
Valuation Metrics
Map
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Is there information that looks off?
