1643-1645 Popham Ave The Bronx, NY 10453
- Apartment buildings
- 15,224 SF
Current Use by Public Records
- Apartment buildings
Property Details for 1643-1645 Popham Ave
- Year built
- 2016
- Property size
- 15,224 SF
- Property type
- Apartment buildings
Description
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.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- The Bronx
- County
- Bronx
- State
- New York
- Longitude
- -73.9211
- Latitude
- 40.849
