Bronx Multifamily Investment
253 East 206th Street, Bronx, NY 10467
Free market, ten-unit building near Montefiore Hospital and Fordham University.
Type:Multifamily
Property size:
6,692 SFPrice / SF:
$388/SF- Added:
- May 15, 2026
- Days on Market:
- 19
- Last Refresh:
- May 16 at 8:49 pm
Property Features for 253 East 206th Street
General Information
- Standard status
- Active
- Size
- 6,692 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 2019
Listing agent Seth Glasser License #NY 10301209629
Listing office Marcus & Millichap - Manhattan
Listing date May 15, 2026
Source Crexi
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 Marcus & Millichap - Manhattan
HighLights
- Significant rental upside potential due to current rents being 30% below market value.
- Prime location: Steps from Montefiore Hospital, Bronx Park, Fordham University, New York Botanical Garden, and Norwood Subway Station.
- New construction: Built in 2019 with a final certificate of occupancy issued in the same year.
- 100% free market asset with no tax abatement.
- Favorable tax class 2B asset with capped tax liability (8% per year or 30% over 5 years).
- Mix of unit types composed of studios, one‑bedrooms, and two‑bedroom apartments.
Overview
The property at 253 East 206th Street is a ten-unit walk-up building, completed in 2019 and operating without tax abatement. The unit mix comprises 3 studios, 5 one-bedroom apartments, and 2 two-bedroom apartments. As of the current listing, there are two vacant units. The building is classified as a tax class 2B asset, with tax liability capped at 8% annually or 30% over a five-year period. The average rent is $1,944 per apartment per month. Located in close proximity to Montefiore Hospital, Bronx Park, Fordham University, The New York Botanical Garden, and the Norwood Subway Station.
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 | $281.1k | $42.00 |
| − Vacancy | −$16.3k | −$2.44 |
| EGI | $264.8k | $39.56 |
| − OpEx | −$119.1k | −$17.80 |
| NOI | $145.6k | $21.76 |
6,692 SF · lease $42.00/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.08M
$1.82M – $2.43M
NOI $145,619 @ 7.0% cap · market cap 5.60%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$4.64M
$4.06M – $5.41M
NOI $324,596 @ 7.0% cap · market cap 12.48%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Bronx
- County
- Bronx
- State
- New York
- Longitude
- -73.880134
- Latitude
- 40.875083
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Free market, ten-unit building near Montefiore Hospital and Fordham University.
Where is this apartment building located?
The property is located at 253 East 206th Street Bronx, NY.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: Significant rental upside potential due to current rents being 30% below market value.; Prime location: Steps from Montefiore Hospital, Bronx Park, Fordham University, New York Botanical Garden, and Norwood Subway Station.; New construction: Built in 2019 with a final certificate of occupancy issued in the same year.
