637 E 224th St The, Bronx, NY 10466

Building Details

Year Built

2006

Listing office Highcap Group

Listing date Jun 26, 2024

Source Crexi

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Overview

This multifamily walk-up building, constructed in 2006, is located in Wakefield, Bronx. The property contains eight apartments, all of which are free market and were deregulated as of June 30, 2024. The 421-A tax abatement expired in June 2024, and all leases include riders for market rate renewal increases. The unit mix comprises five one-bedroom apartments, two two-bedroom apartments, and one studio apartment. The building has a total area of 7,691 square feet. Each unit is equipped with individual electric and gas meters. The property presents a potential investment opportunity with market rate renewal options.

Suggested Use

Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Grocery & Convenience Store

Zoning and permitted uses should be independently verified with local authorities.

Location Insight

• Map
• Local Demand

City

Bronx

County

Bronx

State

New York

Longitude

-73.862969

Latitude

40.888022

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FAQs

What type of property is this?

Apartment building - Multifamily building in Wakefield, Bronx with market rate apartments.

Where is this apartment building located?

The property is located at 637 E 224th St The Bronx, NY.

What is the asking price?

The asking price for this property is $1,550,000.

What are key features of this property?

This property features: High Proforma CAP Rate (10.02%) and Actual CAP Rate (7.38%) indicate strong investment potential.; Free Market Apartments (8) deregulated as of June 30, 2024, allowing for market‑rate rents.; 421‑A Tax Abatement expiring June 2024, providing a near‑term opportunity for increased revenue.