2131 Mapes Avenue & 2131 Mapes Ave & 596 E 170th St & 1232 Fulton Ave, Bronx, New York 10460
7% Cap Rate Bronx 4 Building 64 Units w/ 60 Apartments Net Leased Investment

Property Description

Three 4 Story and a 7 Story Newly Built Walkup Residential Buildings with a Total of 61 Apartments, Community Facility and 8 to 10 car parking in the Morrisania and Belmont Sections of the Bronx. These Properties are Net Leased to 2 Entities. Fulton Avenue has 8 Apartments and have a 5 year initial lease term while East 170th Street has 20 Apartments a 10 year initial term. 2132 Mapes Avenue- has 10 Residential Apartments and 2131 Mapes Avenue- A 7 Story Elevator Building has 22 Residential Apartments, a Large 600+/- square foot Recreational room and a 300+/- square foot Community Facility. 2132 Mapes Avenue is Net Leased and has a 5 year initial lease term and a 421A Tax Abatement with 11 years remaining. 2131 Mapes Avenue is fully constructed and interior nearing completion. This building can be delivered vacant or NN leased at closing if required. Buildings will have 5 year lease Renewal Options.

Property Details

No. Units:64
Building Size:19160 SF
Property Type:Multi-Family
Property Sub-type:Mid/High-Rise
Property Use Type:Investment
Cap Rate:7%
Gross Rent Multiplier:12.95
No. Stories:4
Year Built:2014 to 2018
Lot Size:19160 SF


Unit Mix

DescriptionNo. UnitsAvg. Mo. Rent
1 Bedroom 1 Bathroom21
2 Bedroom 1 Bathroom19
Commercial/Community Facility4

Financial Summary

Scheduled Gross Income$1357272
Effective Gross Income$1357272
Operating Expenses$127215
Net Operating Income$1230057

Debt & Equity Information

Major Tenants

TenantSF OccupiedLease Expired