MultiFamily Property at 253 East 206th Street Listed

Marketing description

253 East 206th Street is a 100% free market asset, built without any tax abatement. The building was issued its final certificate of occupancy in 2019. This 10 unit walk-up is composed of 3 studios, 5 one-bedrooms, and 2 two-bedrooms. There are currently 2 vacant units. Current rents are 30% below market, presenting an opportunity for significant upside through turnover or Section 8 / City Program Vouchers. The average rent is $1,944 per apartment per month.

This building is just steps from Montefiore Hospital, Bronx Park, Fordham University, The New York Botanical Garden, and the Norwood Subway Station. 253 East 206th Street is a tax class 2B asset, with tax liability capped at 8% per year or 30% over 5 years.

Investment highlights

• 100% Free Market | 2019 Construction - 253 East 206th Street is a 100% free market asset, built without any tax abatement. The building was issued its final certificate of occupancy in 2019.
• Value-Add - Current rents are 30% below market, presenting an opportunity for significant upside through turnover or Section 8 / City Program Vouchers. The average rent is $1,944 per apartment per month.
• The Building - This 10 unit walk-up is composed of 3 studios, 5 one-bedrooms, and 2 two-bedrooms. There are currently 2 vacant units.
• Prime Location - This building is just steps from Montefiore Hospital, Bronx Park, Fordham University, The New York Botanical Garden, and the Norwood Subway Station.
• Tax Class Protected - 253 East 206th Street is a tax class 2B asset, with tax liability capped at 8% per year or 30% over 5 years.