637 E 224th St The Bronx, NY 10466
Multifamily building in Wakefield, Bronx with market rate apartments.
Type:Multifamily
Property size:
7,690 SFPrice / SF:
$201/SF- Added:
- Jun 26, 2024
- Days on Market:
- 665
- Last Refresh:
- Mar 17 at 1:26 pm
Property Features for 637 E 224th St The
General Information
- Standard status
- Active
- Size
- 7,690 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 2006
Listing agent Anthony Volman License #NY
Listing office Highcap Group
Listing date Jun 26, 2024
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 Highcap Group
Overview
Wakefield Bronx Multifamily Investment Opportunity
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.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Apartment buildings
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.
