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Eric Hotaling
erichotaling@kw.com$ 8,995,000
Est. payment | /mo
$ 8,995,000
Est. payment | /mo
Key Details
Property Type Commercial
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
MLS Listing ID 1013187
Style High Rise,Mid Rise,Row Dwelling
Rental Info No
Year Built 2010
Annual Tax Amount $4,318
Property Sub-Type Multi Family
Source onekey2
Property Description
50-Unit Bronx Portfolio | 11 Years 421A Tax Abatement | $7.98M @ 3.32% Assignable Financing —
Exceptional opportunity to acquire a 50-unit multifamily portfolio consisting of five contiguous buildings located at 753, 755, 757, 759 & 761 E 214th Street in the Wakefield section of the Bronx. This income-producing package offers strong in-place cash flow, significant financing advantages, and long-term tax benefits rarely available in today's marketplace.
The portfolio generates approximately $859,708 in annual gross income and is being offered at $8,995,000 ($179,900 per unit). Investors will benefit from an assignable mortgage balance of approximately $7,981,280 at an attractive fixed interest rate of 3.32% through August 30, 2031 (subject to lender approval), creating a substantial financing advantage compared to current market rates.
The property also benefits from approximately 11 years remaining of a 421A 25-year tax abatement structure, resulting in exceptionally low real estate taxes and enhanced cash flow. Current estimated NOI is approximately $578,648 with additional upside through lease-up of existing vacant units and operational efficiencies.
Property Highlights:
• Five contiguous multifamily buildings
• Approximately 50 residential units
• Strong in-place cash flow
• Gross Annual Income: $859,708
• Estimated NOI: $578,648
• 6.43% In-Place Cap Rate
• Approx. $179,900 per unit
• Assignable $7.98M mortgage at 3.32% fixed through 8/30/2031
• Approximately 11 years remaining on 421A 25-year tax abatement
• Extremely low real estate taxes
• Multiple vacant units providing immediate upside potential
• Conveniently located near public transportation, shopping, schools, and major Bronx thoroughfares
This is a rare opportunity for investors, operators, 1031 exchange buyers, affordable housing groups, and multifamily portfolio owners seeking scale, strong cash flow, favorable financing, and long-term appreciation potential.
Financial package, rent roll, floor plans, and due diligence materials available upon request.
Exceptional opportunity to acquire a 50-unit multifamily portfolio consisting of five contiguous buildings located at 753, 755, 757, 759 & 761 E 214th Street in the Wakefield section of the Bronx. This income-producing package offers strong in-place cash flow, significant financing advantages, and long-term tax benefits rarely available in today's marketplace.
The portfolio generates approximately $859,708 in annual gross income and is being offered at $8,995,000 ($179,900 per unit). Investors will benefit from an assignable mortgage balance of approximately $7,981,280 at an attractive fixed interest rate of 3.32% through August 30, 2031 (subject to lender approval), creating a substantial financing advantage compared to current market rates.
The property also benefits from approximately 11 years remaining of a 421A 25-year tax abatement structure, resulting in exceptionally low real estate taxes and enhanced cash flow. Current estimated NOI is approximately $578,648 with additional upside through lease-up of existing vacant units and operational efficiencies.
Property Highlights:
• Five contiguous multifamily buildings
• Approximately 50 residential units
• Strong in-place cash flow
• Gross Annual Income: $859,708
• Estimated NOI: $578,648
• 6.43% In-Place Cap Rate
• Approx. $179,900 per unit
• Assignable $7.98M mortgage at 3.32% fixed through 8/30/2031
• Approximately 11 years remaining on 421A 25-year tax abatement
• Extremely low real estate taxes
• Multiple vacant units providing immediate upside potential
• Conveniently located near public transportation, shopping, schools, and major Bronx thoroughfares
This is a rare opportunity for investors, operators, 1031 exchange buyers, affordable housing groups, and multifamily portfolio owners seeking scale, strong cash flow, favorable financing, and long-term appreciation potential.
Financial package, rent roll, floor plans, and due diligence materials available upon request.
Location
State NY
County Bronx County
Interior
Heating Natural Gas
Cooling Wall/Window Unit(s)
Fireplace No
Exterior
Parking Features On Street
Utilities Available Electricity Connected, Natural Gas Connected, Sewer Connected, Trash Collection Public, Water Connected
Building
Story 4
Foundation Concrete Perimeter, Slab
Sewer Public Sewer
Water Public
Structure Type Block,Brick
Schools
High Schools Contact Agent
School District Contact Agent
Others
Special Listing Condition None
Listed by eXp Realty • Luis A. Morales Jr