Investment Overview

THE OFFERING Marcus & Millichap is pleased to offer 2359 – 2367 Grand Concourse, located in the lively neighborhood of Fordham. Situated between Field Place and 184th Street, this mixed-use asset is professionally managed with little to no deferred maintenance. Spanning 21,176 square feet across five stories, 2359 – 2367 Grand Concourse is composed of 27 total units, 21 residential with 6 commercial tenants. Offered at a 7.1% cap rate, this fully occupied property offers investors a unique opportunity to acquire a mixed-use building on a prime retail corridor on the Grand Concourse. An experienced operator has the ability to reposition below market retail rents leading to future upside potential. 9 of 21 units have preferential rents with an additional $62,170 delta between actual collected and legal DHCR rents. 2359 – 2367 Grand Concourse is located a short walk away from Fordham University, St. James Park, the Bronx Zoo, and is a short walk to access the Grand Concourse B & D trains and the Fordham Road 6 train. THE OPPORTUNITY The Building: This 27-unit walk-up building is composed of 6 commercial tenants and 21 residential apartments. It comprises 5 one bedroom, 8 two-bedroom, and 8 three-bedroom apartments. Retail Repositioning & Preferential Rents: An experienced operator has the ability to reposition below market retail rents leading to future upside potential. 9 of 21 units have preferential rents with an additional $62,170 delta between actual collected and legal DHCR rents. The Metrics: Asking a 7.1% cap rate or 7.4x GRM with a basis of $179,630 per unit? Prime Location: 2359 – 2367 Grand Concourse is well located in close proximity to Fordham University and across the street from Grand Concourse B&D train along with the Fordham Road 6 train.