753, 755, 757, 759, 761 214th Street, New York, NY, 10467
$8,995,000
activeLot Size
18,722 sqft
Year Built
2010
Stories
4
Type
Commercial
Estimate. Actual payment depends on credit, lender, taxes, and insurance.
50-Unit Bronx Portfolio | 11 Years 421A Tax Abatement | $7.98M @ 3.32% Assignable Financing — Exceptional opportunity to acquire a 50-unit multifamily portfolio consisting of five contiguous buildings located at 753, 755, 757, 759 & 761 E 214th Street in the Wakefield section of the Bronx. This income-producing package offers strong in-place cash flow, significant financing advantages, and long-term tax benefits rarely available in today's marketplace. The portfolio generates approximately $859,708 in annual gross income and is being offered at $8,995,000 ($179,900 per unit). Investors will benefit from an assignable mortgage balance of approximately $7,981,280 at an attractive fixed interest rate of 3.32% through August 30, 2031 (subject to lender approval), creating a substantial financing advantage compared to current market rates. The property also benefits from approximately 11 years remaining of a 421A 25-year tax abatement structure, resulting in exceptionally low real estate taxes and enhanced cash flow. Current estimated NOI is approximately $578,648 with additional upside through lease-up of existing vacant units and operational efficiencies. Property Highlights: • Five contiguous multifamily buildings • Approximately 50 residential units • Strong in-place cash flow • Gross Annual Income: $859,708 • Estimated NOI: $578,648 • 6.43% In-Place Cap Rate • Approx. $179,900 per unit • Assignable $7.98M mortgage at 3.32% fixed through 8/30/2031 • Approximately 11 years remaining on 421A 25-year tax abatement • Extremely low real estate taxes • Multiple vacant units providing immediate upside potential • Conveniently located near public transportation, shopping, schools, and major Bronx thoroughfares This is a rare opportunity for investors, operators, 1031 exchange buyers, affordable housing groups, and multifamily portfolio owners seeking scale, strong cash flow, favorable financing, and long-term appreciation potential. Financial package, rent roll, floor plans, and due diligence materials available upon request.
Listed by Luis A. Morales Jr, eXp Realty
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