Mixed-Use
2387 Morris Avenue
2387 Morris Ave, Bronx, NY 10468
Listing Price: $3,200,000
Investment Overview
Marcus & Millichap is pleased to offer the following opportunity in Fordham.2387 Morris Avenue is situated right off West Fordham Road on the corner ofMorris Avenue and 184th Street. The building spans 35,429 square feet and comprises 29 residential units and 5 stores. This corner walk-up building has been owned and operated by the same family for over 20 years and shall consist of 3 studio, 21 one-bedroom, 1 two-bedroom, and 4 three-bedroom apartments. In addition, the five commercial units make up 38% of the total gross income for the asset. This offers investors a unique opportunity to acquire a legacy asset in a highly desirable submarket of the North Bronx, with future rental upside from a $190,132 annual preferential rent delta between actual and DHCR-registered rents. 2387 Morris Avenue is conveniently located a few steps from St. James Park, Monroe University, and the Fordham Road B& D Trains.
2387 Morris Avenue
Investment Highlights
- 2387 Morris Avenue is a 34-unit walk-up building comprised of 3 studio, 21 one-bedroom, 1 two-bedroom, 4 three-bedroom apartments, and 5 commercial stores.
- 8.1% Cap Rate | 4.7x GRM | $94,118 Per Unit | $90 Per Sqft.
- 387 Morris Avenue is well located, close to St. James Park, Monroe University, and the Fordham Road B & D Trains.
Exclusively Listed By
Financing By
Listing Price: $3,200,000
Investment Highlights
- 2387 Morris Avenue is a 34-unit walk-up building comprised of 3 studio, 21 one-bedroom, 1 two-bedroom, 4 three-bedroom apartments, and 5 commercial stores.
- 8.1% Cap Rate | 4.7x GRM | $94,118 Per Unit | $90 Per Sqft.
- 387 Morris Avenue is well located, close to St. James Park, Monroe University, and the Fordham Road B & D Trains.
Investment Overview
Marcus & Millichap is pleased to offer the following opportunity in Fordham.2387 Morris Avenue is situated right off West Fordham Road on the corner ofMorris Avenue and 184th Street. The building spans 35,429 square feet and comprises 29 residential units and 5 stores. This corner walk-up building has been owned and operated by the same family for over 20 years and shall consist of 3 studio, 21 one-bedroom, 1 two-bedroom, and 4 three-bedroom apartments. In addition, the five commercial units make up 38% of the total gross income for the asset. This offers investors a unique opportunity to acquire a legacy asset in a highly desirable submarket of the North Bronx, with future rental upside from a $190,132 annual preferential rent delta between actual and DHCR-registered rents. 2387 Morris Avenue is conveniently located a few steps from St. James Park, Monroe University, and the Fordham Road B& D Trains.
Exclusively Listed By
Financing By
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