Cushman & Wakefield has been retained on an exclusive basis to sell a multifamily building at 976 Anderson Avenue, located between West 162nd and West 164th Streets in the Highbridge neighborhood of the Bronx. The asking price is $1,550,000 or a 6.71% cap rate.
The five-story building contains approximately 12,160 square feet and sits on a 32.42’ x 157’ lot. It consists of nine oversized residential units, all of which are three-bedroom, one-bathroom apartments. Features of the building include a closed television security system, energy management computer system, new roof and side doors, and a recently replaced sidewalk. Additionally, the boiler and heat pipes are newly insulated and seven apartments have been renovated.
The property is located two blocks from Yankee Stadium and the 161st Street stop for the 4, B, and D trains. This offering represents a high cash flowing, low maintenance investment opportunity in one of the fastest growing neighborhoods of the Bronx.
“More than 1/3 of the units in this building are below market, providing new ownership future upside. Investors searching for yield will certainly be attracted to this type of investment,” said Cushman & Wakefield’s Mitchell Levine, who is exclusively marketing this property with James Nelson and David Simone. “This well-maintained, nine-unit building is ideal for an investor looking for a turn-key opportunity in a thriving section of the South Bronx,” added Simone.
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Neighborhoods: Highbridge