Investment Overview

THE OFFERING New York Multifamily is pleased to offer the following opportunity located in the Soundview neighborhood of the Bronx. 1161 Elder Avenue is a 5 story 49-unit walkup building spanning 36,500 square feet, located right off the Westchester Avenue retail Strip. The property has undergone significant upgrades to the roof, boiler and security system with little to zero deferred maintenance. With over 80% of the units on preferential rents, buyers can capture significant rent increases upon vacancy turnover. Conveniently located near the Elder Avenue Subway Terminal, Soundview park, Bronx Food Bazaar, Westchester Avenue Retail Strip and The Bronx River. THE OPPORTUNITY The Opportunity: 49-Unit walkup building with a day one 6% cap rate or 8x GRM. Unit Mix: Favorable unit combinations consisting of 33 one-bedroom units, 14 two-bedrooms units and 2 three-bedroom units Rent Stabilization: 100% Rent stabilized with $204,929 in annual preferential rents. Value Add: With an average rent of $1,435 sitting 20% below market, buyers can capture future upside on significant rent increases upon vacancy turnover. Convenient Location: Close walking distance to the 4/5/6 subway lines, York Studios, Starlight Park, Bronx Food Bazaar, Westchester Avenue Retail Strip and much more.