MultiFamily Property at 2525 Morris Avenue in Bronx

The New York Multifamily Team at Marcus & Millichap is pleased to offer the following opportunity in Fordham. 2525 Morris Avenue is situated right off St. James Park on the corner of Morris Avenue and East 190th Street. The building spans 56,455 square feet and comprises 58 residential units. This corner walk-up building has been owned and operated by the same family for over 20 years and shall consist of 1 studio, 19 one- bedroom, 28 two-bedroom, 9 three-bedroom and one four-bedroom apartments. This offers investors a unique opportunity to acquire a legacy asset in a highly desirable submarket of North Bronx, with future rental upside from a $303,298 annual preferential rent delta between actual and DHCR-registered rents. 2525 Morris Avenue is conveniently located a few steps from St. James Park, Monroe University, and the Fordham B & D Trains.

• This 58-unit walk-up building comprises 1 studio,19 one-bedroom, 28 two-bedroom, 9 three-bedroom and one four-bedroom apartments
• 8.2% Cap Rate | 4.4x GRM | $74,138 Per Unit | $76 Per Sqft
• The bldg offers investors a steady annual plus the upside of $303,298 in preferential rents, which owners can capitalize upon vacancy
• Five currently uninhabitable basement units are included in the CO.
• Renovating these legal apartments offers immediate upside potential for rental income.
• 2525 Morris Avenue is well located, close to St. James Park, Monroe University, and the Fordham B & D Trains