TURN KEY 8.55% CAP, Projected 13.25% CAP 1124 Grant Ave

6 Unit Apartment Building $1,400,000 ($233,333/Unit) 9.21% Cap Rate Bronx, NY 10456

INVESTMENT HIGHLIGHTS

  • FULLY RENOVATED
  • Non-for profit
  • Month to month tenants
  • ALT-1 play to 24 units

EXECUTIVE SUMMARY

Twelve Stones Realty is pleased to announce we have been retained to exclusively represent the sale of 1124 Grant Avenue, in the Concourse Section of the Bronx.
Currently, it is a 6,232 SF 3-story walk-up building consisting of 6 apartments and a 2-car garage
The building was completely GUT-RENOVATED in 2016 and is currently 100% occupied with NFP tenants.
The average rents are $2,271. And the gross income is $174,000 annually.
The property sits on a 35 x 100 R7-1 LOT with 16,800 buildable square feet. giving the ability to convert to a 24-unit building
The property is being offered at an 8.55% cap rate with an asking price of $1,500,000.
Projected 13.25% on lease renewals
Reuben Lugassy, Yaakov Pliner & Shaya Rosenberg will be handling this listing.

FINANCIAL SUMMARY (ACTUAL - 2023)

ANNUAL ANNUAL PER SF
Gross Rental Income $173,142 $27.78
Other Income - -
Vacancy Loss - -
Effective Gross Income $173,142 $27.78
Taxes $20,582 $3.30
Operating Expenses $23,675 $3.80
Total Expenses $44,257 $7.10
Net Operating Income $128,885 $20.68

PROPERTY FACTS

Price $1,400,000
Price Per Unit $233,333
Sale Type Investment
Cap Rate 9.21%
Gross Rent Multiplier 8.6
No. Units 6
Property Type Multifamily
Property Subtype
Apartment
  • Multifamily Dormitory
Apartment Style Low Rise
Building Class C
Lot Size 0.08 AC
Building Size 6,232 SF
Average Occupancy 100%
No. Stories 3
Year Built/Renovated 1935/2016
Parking Ratio 0.32/1,000 SF

UNIT AMENITIES

  • Storage Space
  • Granite Countertops
  • Hardwood Floors

UNIT MIX INFORMATION

DESCRIPTION NO. UNITS AVG. RENT/MO SF
2+1 2 $2,063 880
3+1 4 $2,385 915
Walk Score®
Very Walkable (89)
Transit Score®
Rider's Paradise (100)
Bike Score®
Very Bikeable (72)

PROPERTY TAXES

ZONING

Zoning Code R7-1 (R7 Zoning is considered medium density residential. It is broken into 2 basic zoning districts R7-1 and R7-2. R7 zoning has multifamily buildings that)
  • Listing ID: 31468423

  • Date on Market: 4/10/2024

  • Last Updated:

  • Address: 1124 Grant Ave, Bronx, NY 10456