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    1643-1645 Popham Ave The Bronx, NY 10453

    Sponsored
    For Sale
    $5,250,000

    18-Unit Bronx Apartment Building, High ROI

    Property size:
    15,224 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional multifamily investment opportunity presents two 4-story, 9-unit walk-up apartment buildings totaling 15,224 square feet, situated on a 5,000 square foot lot in the Morris Heights section of the Bronx, New York. Constructed in 2016, these buildings boast 18 one-bedroom units, each currently enjoying free-market status. The property benefits from a 2B tax classification, providing protection against future tax increases. An existing loan of $3,829,000 is in place at a favorable 3.79% interest rate, maturing in 2030. The asking price is $5,250,000, representing a compelling price per unit of $291,667 and a price per square foot of $345. The pro-forma cap rate is 8.78%. Significant upside potential exists upon lease turnover, with new subsidy payment standards potentially reaching $2,584 per month for one-bedroom apartments (tenants responsible for gas and electric). Conveniently located near the 4-train at Mount Eden Ave Station, providing easy access to public transportation. The property is zoned R7-1. This is a rare opportunity to acquire a well-maintained, high-performing multifamily asset in a rapidly developing area of The Bronx.

    Property Features for 1643-1645 Popham Ave

    General Information

    Property type
    Multifamily properties
    Square Feet
    15,224 SF

    Building Details

    Year Built
    2016
    Stories
    8
    Units
    18

    HighLights

    • Two 2016‑built multifamily buildings in the Morris Heights section of the Bronx.
    • Two 4‑story walk‑up buildings totaling 15,224 square feet on a 5,000 square foot lot, each with nine one‑bedroom units.
    • All 18 units are free‑market.
    • 2B tax classification protects against future tax increases.
    • Significant upside potential with new subsidy payment standards potentially reaching $2,584/month per unit (tenant pays gas & electric).
    • $3,829,000 existing loan at 3.79% interest, maturing in 2030.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon Food Market Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    The Bronx
    County
    Bronx
    State
    New York
    Longitude
    -73.9211262
    Latitude
    40.8490348

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    FAQs

    What type of property is this?
    Multifamily property - 18-Unit Bronx Apartment Building, High ROI
    Where is this multifamily property located?
    The property is located at 1643-1645 Popham Ave The Bronx, NY.
    What is the asking price?
    The asking price for this property is $5,250,000.
    What are key features of this property?
    This property features: Two 2016-built multifamily buildings in the Morris Heights section of the Bronx.; Two 4-story walk-up buildings totaling 15,224 square feet on a 5,000 square foot lot, each with nine one-bedroom units.; All 18 units are free-market.
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1643-1645 Popham Ave The Bronx, NY 10453
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