Positioned in the heart of Belmont’s Little Italy, the Hoffman Street Portfolio presents a rare opportunity to acquire a concentrated 32-unit multifamily package across four contiguous buildings. Located at 2376, 2378, 2384, and 2386 Hoffman Street, this value-add investment benefits from proximity to Fordham University, Arthur Avenue’s vibrant retail corridor, and multiple transit options including the 4, B, D subway lines and Metro-North’s Fordham Station.
The unit mix includes six one-bedroom and twenty-six two-bedroom apartments, each outfitted with in-unit PTAC heating and cooling systems and dedicated hot water heaters—features that reduce building-wide maintenance and enhance tenant comfort. The buildings are four stories tall, each with 8 units, and sit on lots measuring 25' x 119.1'. The total lot area is 11,912 SF with a combined buildable area of 26,206 SF under R6 / C1-4 zoning.
A key financial advantage is the portfolio-wide 421a tax abatement, significantly lowering the effective tax burden through 2033. The offering is priced at $5.8 million, equating to $181,250 per unit and $177 per square foot, with a current cap rate of 11.34% and a proforma cap rate of 14.41%.
This portfolio’s scale and location offer operational efficiencies and strong rental demand, making it ideal for investors seeking stable cash flow with upside through strategic renovations and management.