50-Unit Bronx Portfolio | $8.45M | 7.02% Est. Cap | 11 Years Remaining of 25 Year 421A Tax Abatement | $7.98M @ 3.32% Assignable Financing.
Exceptional investment opportunity to acquire a 50-unit multifamily portfolio consisting of five contiguous buildings at 753, 755, 757, 759 and 761 E 214th Street in the Wakefield section of the Bronx. Newly reduced to $8,450,000 ($169,000 per unit), this income-producing portfolio offers strong cash flow, favorable existing financing, and substantial remaining tax benefits.
The portfolio generates approximately $859,708 in annual gross income, with an estimated first-year NOI of $593,372, representing an attractive 7.02% capitalization rate at the asking price.
A significant investment advantage is the existing assignable mortgage with an approximate outstanding balance of $7,981,280 at a fixed interest rate of just 3.32% through August 30, 2031, subject to lender approval and assumption requirements. This financing structure offers qualified investors an opportunity to acquire a substantial multifamily portfolio with potentially limited additional equity and favorable debt terms compared to conventional market financing.
The properties also benefit from approximately 11 years remaining under a 25-year 421A tax abatement program, resulting in exceptionally low current real estate taxes and enhanced operating cash flow. Additional upside potential exists through the lease-up of vacant units and improved operational efficiencies.
Property Highlights:
• Five contiguous multifamily buildings totaling 50 residential units
• Reduced Asking Price: $8,450,000
• Price Per Unit: $169,000
• Gross Annual Income: Approximately $859,708
• Estimated First-Year NOI: $593,372
• Estimated First-Year Cap Rate: 7.02%
• Assignable Mortgage: Approximately $7.98M at 3.32% fixed through 8/30/2031, subject to lender approval
• Approximately 11 years remaining under the 421A tax abatement
• Exceptionally low current real estate taxes
• Vacant units offering additional income potential
• Convenient access to public transportation, shopping, schools, and major Bronx thoroughfares
An attractive opportunity for experienced multifamily investors, portfolio operators, 1031 exchange buyers, and affordable housing investment groups seeking scale, immediate income, favorable financing, and long-term appreciation potential.
Financial package, rent roll, 16-year financial projections, and available due diligence materials provided upon request.
