Hoffman Street Portfolio Multi-Family FOR SALE


Bronx, NY - Belmont
$5,800,000 USD
212-544-9500
, Bronx, NY for Sale
$5,800,000 USD
Multi-Family - FOR SALE
1/4
null | 14.41% Cap Rate

Hoffman Street Portfolio
Bronx, NY
Belmont


HIGHLIGHTS

  • Located steps from Fordham University and Arthur Avenue
  • Individually metered PTAC and hot water systems
  • Excellent transit access via subway and Metro-North
  • Strong value-add upside in prime Bronx submarket

OVERVIEW

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.

ASK ABOUT THIS PROPERTY

Victor SozioAriel Property AdvisorsMore Info
212-544-9500

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Victor SozioAriel Property AdvisorsMore Info
212-544-9500

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