598-600 E 183rd St - Apartments FOR SALE


Bronx, NY 10458- Belmont
$3,345,000 USD
212-430-5281
598-600 E 183rd St, Bronx, NY for Sale
$3,345,000 USD
Apartments - FOR SALE
1/22
null | 8.3% Cap Rate

598-600 E 183rd St
Bronx, NY 10458
Belmont


HIGHLIGHTS

  • This 30-unit walk-up building is composed of one store and 29 residential units.
  • It comprises one studio, five one-bedroom, 11 two-bedroom, and 12 three-bedroom apartments.
  • 8.3% Cap Rate | 5.1x GRM | $112k Per Unit | $127 Per Sqft
  • The building offers investors a steady annual cash flow of $276,515 with $25,947 in delta upside
  • 2239 Adams Place is conveniently located a few steps from prime Little Italy Retail Markets, St. Barnabas Hospital, and the Bronx Zoo

OVERVIEW

The New York Multifamily Team at Marcus & Millichap is pleased to offer the following opportunity in one of the most sought-after neighborhoods in the Bronx, Little Italy. 2239 Adams Place is situated in prime Belmont, right off 182 Street & Arthur Avenue and a short walk to Saint Barnabas Medical Center. The building spans 26,400 square feet and is composed of 30 units, 29 residential with 1 commercial store on the ground floor. This corner mixed-use walk-up building has been owned and operated by the same family for over 19 years and is composed of 1 studio, 5 one-bed, 11 two-bed & 12 three-bedroom apartments. This offers investors a unique opportunity to acquire a legacy asset in a highly desirable submarket of the Bronx that provides future rental upside though a $25,947 annual preferential rent delta of actual vs DHCR legal registered rents. 2239 Adams Place is conveniently located a few steps from prime Little Italy Retail Markets, St. Barnabas Hospital, and the Bronx Zoo.

FOR SALE DETAILS

PRICE

$3,345,000 USD

PRICE/SF

$105 USD /SF

# OF UNITS

30

PRICE/UNIT

$111,500

CAP RATE

8.3%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

2239 Adams Place

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

5

YEAR BUILT

1908

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.13 AC

LAND SF

5,663 SF

ZONING

R7-1

APN/PARCEL ID

03071-0025

ASK ABOUT THIS PROPERTY

Michael FuscoMarcus & MillichapMore Info
212-430-5281

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Michael FuscoMarcus & MillichapMore Info
212-430-5281

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.