Investment Overview

THE OFFERING New York Multifamily is pleased to offer the following opportunity in the Bronx: 1776 Castle Hill Avenue. The property is located right off of East Tremont Avenue, between Purdy & Lyvere Street and is in one of the most sought-after submarkets in the Bronx, Westchester Square. Castle Hill Avenue is an 83-unit elevator building, spanning 78,000 square feet and has been owned & operated by the same family for over 30 years. 1776 Castle Hill Avenue is composed of 15 studio, 54 one-bed, 13 two-bed & 1 three-bedroom apartments with an average monthly rent of $1,337. The building offers investors an additional $46,536 of annual cash flow from two cellular roof antennas with active leases with T-Mobile ($2,178/mo) & Airwave Strategies ($1,700/mo). Conveniently located, this property is just steps away from Westchester Square Medical Center & the Zerega Avenue 6 Train. THE OPPORTUNITY The Building: 83-unit elevator building composed of 15 studio, 54 one-bed, 13 two-bed & 1 three-bedroom apartments with an average monthly rent of $1,337. The Metrics: $97,590/unit l 7.6% Cap Rate l 5.86x GRM l $115PSF Generational Ownership: Owned and operated by the same family since 1995, this is the first time 1776 Castle Hill Avenue is being offered for sale in 30 years. Cell Antennas: The building offers investors an additional $46,536 of annual cash flow from two cellular roof antennas with active leases with T-Mobile ($2,178/mo) & Airwave Strategies ($1,700/mo). *see full lease details in offering memorandum Convenient Location: 1776 Castle Hill Avenue is just steps away from Westchester Square Medical Center & the Zerega Avenue 6 Train. ASSUMABLE DEBT Lender: Chase loan originated Jan 2022 Term: 7-year loan with 5 years remaining Rate: 3.15% fixed Balance: $5,720,000 9.8% cash on cash return