Property Description

Fully renovated legal 8-unit free-market investment property! This turnkey, fully occupied property is situated in the Soundview/Parkchester area of the Bronx and offers strong existing income with exceptionally low owner expenses. The building consists of 7 studio apartments and 1 one-bedroom apartment, all free-market units. The entire property has been fully renovated with new finishes and systems throughout. The building is all electric, with tenants responsible for their own utilities. Each apartment features central heating and air conditioning through mini-split systems and its own dedicated hot water heater. Building features include 8 water heaters, 9 electric meters, parking can be utilized in the rear of the building with a shared driveway, and potential for additional parking income. Current rental income consists of 7 studios at $2,440 per month each and 1 one-bedroom apartment at $2,484 per month, generating total monthly income of $19,564 and annual gross income of $234,768. Annual operating expenses are approximately $18,500, including $7,000 in property taxes, $8,000 in insurance, $2,000 in water, and $1,500 in common electric. Current Net Operating Income is approximately $216,268 annually, representing an approximate 7.72% cap rate at the $2,800,000 asking price before any additional parking income. With tenants responsible for their own electric, heating, air conditioning, and hot water costs, owner expenses remain exceptionally low. A rare opportunity to acquire a fully renovated, fully occupied, income-producing multifamily property in the Bronx.

Property Features

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