1643-1645 Popham Avenue
Two Newly Constructed Free Market Multifamily Buildings
Overview
Key Highlights
- Price $5,250,000
- Units 18
- Gross SF 15,224
- Year Built 2016
- Pro-Forma Cap Rate 8.78%
Overview
Investment Highlights
• Two (2) multifamily properties constructed in 2016 located in the Morris Heights section of the Bronx
• Two (2), 4-story, 9-unit walk-up buildings totaling 15,224 SF
• Each building enjoys free market status, containing nine (9) one-bedroom units
• 2B tax classification, offering protection from future tax increases
• Potential upside upon lease turnover with new subsidy payment standards totaling $2,584 for one-bedroom apartments with tenants paying for gas & electric
• Existing Loan of $3,829,000 at a 3.79% interest rate. Maturity Date in 2030
• Enjoys easy access to transportation, being a quick walk away from the 4 subway line at Mount Eden Ave Station
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