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

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.