Bronx Multifamily Investment
253 East 206th Street Bronx, NY 10467
253 East 206th Street, Bronx, NY, 10467
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For Sale
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Free market, ten-unit building near Montefiore Hospital and Fordham University.
Property Size6,692 SF
Price / SF$388.52
Days on Market64
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 Agency
Marcus & Millichap - Manhattan
Listed by
Seth Glasser · License #NY 10301209629
Source
Crexi
Added: May 15 Checked: Jul 17 at 4:57 am
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
Investment Insights
Based on property information with market context.
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.
Key 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.
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.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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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.
