987 Ogden Ave Bronx, NY 10452-5489

Property Details for 987 Ogden Ave

Year built

2016

Lot size

0.08 lot acres

Property size

9,983 SF

Zone code

R7-1

Property type

Apartment buildings

APN

02524-0057

APU

25240057

Description

This exceptional investment opportunity presents two contiguous four-story walk-up apartment buildings located at 987-989 Ogden Avenue in the Bronx, New York. Spanning 150 feet across a prime avenue location, this property boasts 28 units totaling 18,983 gross square feet. Constructed in 2018, each building is 75 feet wide, offering efficient unit layouts that contribute to remarkably low operating costs. All 28 units are currently rented at market rates, subject to HPD rent guidelines. The property benefits from a significant tax advantage: nine years remain on the "Old 421a" tax abatement. With a strong net operating income (NOI) of $413,548 and an attractive 7.13% capitalization rate, this property offers a compelling return on investment. The asking price is $5,800,000. This is a rare chance to acquire a well-maintained, newly constructed multifamily asset in a desirable Bronx location with substantial remaining tax benefits. The property's strong cash flow and potential for future appreciation make it an ideal addition to any investment portfolio. The buildings' efficient design and market-rate rents ensure a stable and profitable investment for years to come. This is a turnkey opportunity for an astute investor seeking a high-yield, low-maintenance property in a rapidly growing market.

Location Insight

City

Bronx

County

Bronx

State

New York

Longitude

-73.9299

Latitude

40.8326

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments