FREE MARKET ! VERY LOW TAXES!! 864 E 221st St
14 Unit Apartment Building $4,000,000 ($285,714/Unit) 9.23% Cap Rate Bronx, NY 10467
INVESTMENT HIGHLIGHTS
- 12 of 14 Free market units
- Legal basement that is above grade
- Extreamly low tax bill
- Fully Brick
EXECUTIVE SUMMARY
Welcome to 864 East 221st Street, a exceptional investment opportunity located in the heart of the Williamsburg section of the Bronx. We are pleased to present this impressive 15,750 square foot, 3.5-story building comprising 14 residential units, boasting a robust cap rate exceeding 9.25%.
This outstanding property features a mix of predominantly three-bedroom layouts, offering ample living space for tenants. The building benefits from extremely low taxes, further enhancing its investment appeal. Situated on a quiet block, the property provides a tranquil environment for residents.
Projections indicate significant potential for cap rate growth, driven by the fact that most units are free market and currently rented to programs. This presents a compelling opportunity for savvy investors to capitalize on increasing cash flows and long-term appreciation.
Key Highlights:
* 15,750 square foot, 4-story building
* 14 residential units (12 Free Market)
* Cap rate exceeding 8.25%
* Predominantly three-bedroom layouts
* Extremely low taxes
* Quiet block location
* Projections for cap rate growth on lese renewals
Don't miss this rare opportunity to acquire a high-performing asset in a thriving neighborhood. Contact us today to schedule a viewing and make this exceptional property yours
This outstanding property features a mix of predominantly three-bedroom layouts, offering ample living space for tenants. The building benefits from extremely low taxes, further enhancing its investment appeal. Situated on a quiet block, the property provides a tranquil environment for residents.
Projections indicate significant potential for cap rate growth, driven by the fact that most units are free market and currently rented to programs. This presents a compelling opportunity for savvy investors to capitalize on increasing cash flows and long-term appreciation.
Key Highlights:
* 15,750 square foot, 4-story building
* 14 residential units (12 Free Market)
* Cap rate exceeding 8.25%
* Predominantly three-bedroom layouts
* Extremely low taxes
* Quiet block location
* Projections for cap rate growth on lese renewals
Don't miss this rare opportunity to acquire a high-performing asset in a thriving neighborhood. Contact us today to schedule a viewing and make this exceptional property yours
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$478,650
|
$30.39
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$478,650
|
$30.39
|
| Taxes |
$29,333
|
$1.86
|
| Operating Expenses |
$80,146
|
$5.09
|
| Total Expenses |
$109,479
|
$6.95
|
| Net Operating Income |
$369,171
|
$23.44
|
PROPERTY FACTS
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 2 | $2,288 | 700 |
| 3+1 | 11 | $2,698 | 850 - 950 |
| 4+1 | 1 | $3,740 | 850 - 950 |
1 of 1
Walk Score®
Very Walkable (82)
Transit Score®
Excellent Transit (89)
Bike Score®
Very Bikeable (79)
PROPERTY TAXES
| Parcel Number | 04679-0073 | Total Assessment | $234,630 |
| Land Assessment | $58,050 | Annual Taxes | $29,333 ($1.86/SF) |
| Improvements Assessment | $176,580 | Tax Year | 2024 |
ZONING
| Zoning Code | R6, Bronx, (C1) (R5, R5D) |
