753, 755, 757, 759, 761 E 214th Street,Bronx, NY 10467
Bronx, NY 10467
Description
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.
Details
| MLS # | 1013187 |
|---|---|
| Listing Type | For Sale |
| Style | Multi-Family |
| Sub-Type | Resale |
| Status | Active |
| Year | 2010 |
| Days On Site | 154 |
| Listing Provided By | eXp Realty | Luis A. Morales Jr |
Features
| SQ Feet | 41,914 |
|---|---|
| Story(s) | 4 |
| Units | 50 |
| Building(s) | 5 |
| Zoning | R7A |
| Acreage | 0.43 |
Interior
| Cooling | Wall/Window Unit(s) |
|---|---|
| Heating | Natural Gas |
Exterior
| Construction Materials | Block, Brick |
|---|---|
| Foundation Details | Concrete Perimeter, Slab |
Parking
| Parking Features | On Street |
|---|
Utilities
| Utilities | Electricity Connected, Natural Gas Connected, Sewer Connected, Trash Collection Public, Water Connected |
|---|---|
| Sewer | Public Sewer |
Taxes
| Tax Year | 2025 |
|---|---|
| Tax Annual Amount | 4318 |
| Tax Lot | 81, 80, 79, 78, 77 |
Area Information
| State | NY |
|---|---|
| County | Bronx County |
| City | Bronx |
| Zip Code | 10467 |
| Listing VS Median (in 10467) | |
Price: $8,995,000 low | high Med: $240,500 sqft: 41,914 low | high Med: 753 $ / sqft: $215 low | high Med: $319 On site: 154 low | high Med: 160 | |
Market Activity 10467
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Learn More About This Property
| State | NY |
|---|---|
| County | Bronx County |
| City | Bronx |
| Zip Code | 10467 |
| Listing VS Median (in 10467) | |
Price: $8,995,000 low | high Med: $240,500 sqft: 41,914 low | high Med: 753 $ / sqft: $215 low | high Med: $319 On site: 154 low | high Med: 160 | |