Investment Overview

Marcus & Millichap is pleased to present the following opportunity in Williamsbridge. 3573 Laconia Avenue is a newly constructed elevator building situated between 212th and 213th Street. The building was issued its final certificate of occupancy in August 2023. With a high average rent of $2,589 per apartment through Section 8 vouchers, this meticulously maintained asset benefits from an active 421-a tax abatement, resulting in a current annual tax bill of $2,638. The abatement has 32 more years til expiration. All leases are equipped with the proper 421-a riders, confirming that each unit will revert to free market status once the 421-a abatement term concludes. There are also 13 parking spots, attributing an additional annual income of $24,000 and $137,761 in Preferential Rent Upside that can be captured upon vacancy.