Bronx Multifamily Property at 887 East 178th Street

The New York Multifamily Team at Marcus & Millichap is pleased to present the following opportunity in West Farms neighborhood of the Bronx. 887 East 178th Street is an 11-unit walk-up corner building that has been primarily owner-occupied since 1971. The asset will be delivered 64% vacant and has already been renovated and upgraded by the current ownership for their personal benefit. Encompassing 11,517 square feet, the property offers investors a rare chance to acquire a legacy asset in one of the borough’s most desirable submarkets. 887 East 178th Street also offers proximity to Vidalia Park, Crotona Park, the Bronx Zoo, and the East Tremont Avenue 2 & 5 Train.

Boasting 36 feet of frontage, this meticulously maintained asset comprises, 4 two-bedroom, 3 three-bedroom, and 4 four-bedroom apartments. With more than half the building being owner-occupied, new ownership has the opportunity to set the first legal rent for 3 apartments. The other owner-occupied units will be delivered vacant, with the opportunity to capture the full legal rent.

• 887 East 178th Street is a five-story walk-up building consisting of 11 apartments, totaling 11,517 square feet, ideally situated between Honeywell Avenue and Mohegan Avenue
• 7 of the units were owner-occupied and will be delivered vacant
• 3 units have never been rented with the opportunity to set the first legal rent
• 4 units will be delivered vacant with the potential to capture the full legal rent
• 9.5 % Cap Rate | 6.77 GRM | $128 Per Sqft | $134,091 Per Unit
• 887 East 178th Street is located just steps from Vidalia Park, Crotona Park, the Bronx Zoo, and the East Tremont Avenue 2 & 5 Train