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Multifamily

321-329 City Island Avenue

City Island Ave, Bronx, NY 10464

Listing Price: $2,000,000

Cap Rate
6.50%
Number of Units
15
Price/Unit
$133,333
Price/Gross SF
$185.19
Gross SF
10,800

Investment Overview

New York Multifamily Team at Marcus & Millichap is pleased to offer the following opportunity: 321-329 City Island Avenue. The properties are located at the corner of Bay Street in the middle of City Island’s retail corridor. The building sits with 100’ of frontage spanning 10,800 square feet. The building consists of five retail storefronts  and ten residential units. There are five studios and five one-bedroom apartments. Since each building is only three units, the buildings are statutorily free market allowing for an investor to add value immediately.

Investment Highlights

  • Value Add Opportunity:  A new buyer can substantially raise the rents by moderately renovating the apartments and pushing the retail tenants up to market.
  • Protected Tax Increases: Tax Class 1 allows for no more than 6% annual increases or 20% over five years. Free Market: Since each building is three units, every apartments is automatically free market!
  • Prime Location: Situated in the middle of the main retail corridor of City Island, this allows an investor to control 100 feet of frontage on the island's main strip.

Exclusively Listed By

Financing By

Multifamily

321-329 City Island Avenue

Listing Price: $2,000,000

Cap Rate
6.50%
Number of Units
15
Price/Unit
$133,333
Price/Gross SF
$185.19
Gross SF
10,800

Investment Highlights

  • Value Add Opportunity:  A new buyer can substantially raise the rents by moderately renovating the apartments and pushing the retail tenants up to market.
  • Protected Tax Increases: Tax Class 1 allows for no more than 6% annual increases or 20% over five years. Free Market: Since each building is three units, every apartments is automatically free market!
  • Prime Location: Situated in the middle of the main retail corridor of City Island, this allows an investor to control 100 feet of frontage on the island's main strip.

Investment Overview

New York Multifamily Team at Marcus & Millichap is pleased to offer the following opportunity: 321-329 City Island Avenue. The properties are located at the corner of Bay Street in the middle of City Island’s retail corridor. The building sits with 100’ of frontage spanning 10,800 square feet. The building consists of five retail storefronts  and ten residential units. There are five studios and five one-bedroom apartments. Since each building is only three units, the buildings are statutorily free market allowing for an investor to add value immediately.

Exclusively Listed By

Financing By

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