261 Alexander Avenue Multifamily in Bronx Listed by New York Multifamily

New York Multifamily is pleased to offer an exceptional investment opportunity in the vibrant neighborhood of Mott Haven. 261 Alexander Avenue consists of 10 fully free-market apatments with little to no deffered maintenance. Nestled between East 138th and 139th Street, this building has been owned and managed by the same family for over 20 years. Futhermore, 261 Alexander offers investors a unique opportunity to capitilize on immediate upside potential by transitioning to Section-8 rental income. This tax-class protected walk-up is conveniently located near Willis Playground and the 138th Street Subwqay Station.

The Building: 261 Alexander Avenue comprises 1 two-bedroom apartment and 9 three-bedroom apartments. The property is a 5-story building and is not subject to LL11.

The Metrics: Asking 9.0% Cap Rate or 7.2x GRM.

Path to Upside: Under Section-8 rental guidelines, a Pro-Forma rent of $2,975 per apartment could allow an investor to increase annual income by nearly $95,000. This Pro-Forma Cap rate equates to approximately 14.5%.

Tax-Class Protected: 261 Alexander Avenue is a tax class 2B asset, with tax liability capped at 8% per year or 30% over 5 years.