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MultiFamily Property at 2387 Morris Avenue Listed by New York Multifamily Team

MultiFamily Property at 2387 Morris Avenue Listed by New York Multifamily Team
FOR SALE
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$2,850,000

2387 Morris Avenue, Bronx, NY 10468

35,429 SF

Square Feet

$80

PPSF

9.10%

CAP

Property Description

NOI

$259,350

Cap Rate

9.10%

The New York Multifamily Team at Marcus & Millichap is pleased to offer the following opportunity in Fordham. 2387 Morris Avenue is situated right off West Fordham Road on the corner of Morris Avenue and 184th Street. The building spans 35,429 square feet and comprises 29 residential units and 5 stores. This corner walk-up building has been owned and operated by the same family for over 20 years and shall consist of 3 studio, 21 one-bedroom, 1 two-bedroom, and 4 three-bedroom apartments. In addition, the five commercial units make up 38% of the total gross income for the asset. This offers investors a unique opportunity to acquire a legacy asset in a highly desirable submarket of the North Bronx, with future rental upside from a $190,132 annual preferential rent delta between actual and DHCR-registered rents. 2387 Morris Avenue is

Conveniently located a few steps from St. James Park, Monroe University, and the Fordham Road B & D Trains.

  • This 34-unit walk-up building comprises 3 studio, 21 one- bedroom, 1 two-bedroom, 4 three-bedroom apartments, and 5 commercial stores
  • 9.1% Cap Rate | 4.2x GRM | $83,824 Per Unit | $80 Per Sqft.
  • The building offers investors a steady annual rent from the commercial stores plus the upside of $190,132 in preferential rents
  • 2387 Morris Avenue is well located, close to St. James Park, Monroe University, and the Fordham Road B & D Trains.

Property Details

Asset Type

MultiFamily

Year Built

1923

Zoning

R8

Neighborhood

Fordham

Submarket

Bronx

ZIP

10468

Listing Type

sale


Offering Memorandum

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Net Operating Income (NOI)

$411,459

Debt Service Coverage Ratio (DSCR)

2.54x

Cap Rate

14.44%

Cash Flow (Annual)

$249,334

Cash-on-Cash Return

34.99%

Monthly Debt Service

$13,510

Annual Debt Service

$162,125

On the Map

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$2,850,000

$80/SF

MultiFamily

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Property Record

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Bronx MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale

No investors found in this market.

Contact the Listing Team

Michael (Mike) Fusco

Michael (Mike) Fusco

Licensed Real Estate Salesperson

97 closed

Seth Glasser

Seth Glasser

Licensed Associate Real Estate Broker

136 closed

Benjamin (Ben) Myerow

Benjamin (Ben) Myerow

Investment Sales Associate

13 closed

Christopher (Chris) Mehran

Christopher (Chris) Mehran

Investment Sales Associate

13 closed

Send a Message

Michael (Mike) Fusco

Michael (Mike) Fusco

Licensed Real Estate Salesperson

97 closed

Seth Glasser

Seth Glasser

Licensed Associate Real Estate Broker

136 closed

Benjamin (Ben) Myerow

Benjamin (Ben) Myerow

Investment Sales Associate

13 closed

Christopher (Chris) Mehran

Christopher (Chris) Mehran

Investment Sales Associate

13 closed