598 East 183rd Street

The New York Multifamily Team at Marcus & Millichap is pleased to offer the following opportunity in one of the most sought-after neighborhoods in the Bronx, Little Italy. 2239 Adams Place is situated in prime Belmont, right off 182 Street & Arthur Avenue and a short walk to Saint Barnabas Medical Center. The building spans 26,400 square feet and is composed of 30 units, 29 residential with 1 commercial store on the ground floor. This corner mixed-use walk-up building has been owned and operated by the same family for over 19 years and is composed of 1 studio, 5 one-bed, 11 two-bed & 12 three-bedroom apartments. This offers investors a unique opportunity to acquire a legacy asset in a highly desirable submarket of the Bronx that provides future rental upside though a $25,947 annual preferential rent delta of actual vs DHCR legal registered rents. 2239 Adams Place is conveniently located a few steps from prime Little Italy Retail Markets, St. Barnabas Hospital, and the Bronx Zoo.

• This 30-unit walk-up building is composed of one store and 29 residential units.
• It comprises one studio, five one-bedroom, 11 two-bedroom, and 12 three-bedroom apartments.
• 8.7 % Cap Rate | 4.8x GRM | $106,500 Per Unit | $121 Per Sqft
• The building offers investors a steady annual cash flow of $276,515 with $25,947 in delta upside
• 2239 Adams Place is conveniently located a few steps from prime Little Italy Retail Markets, St. Barnabas Hospital, and the Bronx Zoo