Morris Park 5-Family Investment
1181 Sackett Ave Bronx, NY 10461
1181 Sackett Ave, Bronx, NY, 10461
$2,300,000
For Sale
$2,300,000
Five-unit building with garage near Montefiore Hospital.
Property Size3,960 SF
Price / SF$580.81
Days on Market576
Property Features for 1181 Sackett Ave
General Information
- Standard status
- Active
- Size
- 3,960 SF
- Property subtype
- General Commercial
Building Details
- Year Built
- 1920
Listing agency
(646) 584-0900
Listed by
Richard Greco Real Estate
(646) 584-0900
Source
Xome
Added: Dec 24, 2024 Updated: Jul 10 at 1:33PM Checked: Jul 10 at 1:33PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Richard Greco Real Estate
Investment Insights
Based on property information with market context.
Located in the Morris Park Community, this five-family property presents an investment opportunity. The building features five rental units and a five-car garage. The unit mix comprises four one-bedroom apartments and one three-bedroom apartment. The property is not subject to rent control or rent stabilization, and there are no existing leases. The property is located near Montefiore Hospital, approximately 10 minutes from the Hutchinson River Parkway and 15 minutes from the Bruckner and Cross Bronx Expressway. The location also provides access to midtown Manhattan within a 20-25 minute drive. The property was formerly the site of a hat manufacturing company with retail space. The owner will consider holding a mortgage for a credit-worthy investor.
Key Highlights
- No rent control, no rent stabilization, no leases: Offers immediate control and potential for increased rental income.
- Projected Gross Annual Rent: $136,200 after taking over, indicating strong income potential.
- 5‑Car Garage: Provides significant parking and potential additional income.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $175.8k | $44.40 |
| − Vacancy | −$10.2k | −$2.58 |
| EGI | $165.6k | $41.82 |
| − OpEx | −$74.5k | −$18.82 |
| NOI | $91.1k | $23.00 |
3,960 SF · lease $44.40/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.30M
$1.14M – $1.52M
NOI $91,094 @ 7.0% cap · market cap 3.96%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$2.74M
$2.40M – $3.20M
NOI $192,080 @ 7.0% cap · market cap 8.35%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Five-unit building with garage near Montefiore Hospital.
Where is this apartment building located?
The property is located at 1181 Sackett Ave Bronx, NY.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: No rent control, no rent stabilization, no leases: Offers immediate control and potential for increased rental income.; Projected Gross Annual Rent: $136,200 after taking over, indicating strong income potential.; 5‑Car Garage: Provides significant parking and potential additional income.
