Log In/Sign Up
Your email has been sent.
1193 Fulton Ave
Bronx, NY 10456
Multifamily Property For Sale
·
25 Units
INVESTMENT HIGHLIGHTS
- GP interest in stabilized affordable housing asset
- Assumable financing at 4.03% with 2051 maturity
- Located near Crotona Park and major bus lines
- 420C tax exemption in place through 2077
- 8.40% Year 1 cash-on-cash return
- HPD agreement with AMI-based rent restrictions
EXECUTIVE SUMMARY
Offered for sale is the General Partner (GP) interest in a newly constructed 25-unit affordable housing multifamily property located at 1193 Fulton Avenue in the Morrisania section of the Bronx. Built in 2020, this five-story building spans 24,542 square feet and features a well-balanced unit mix of 11 studios, seven one-bedrooms, and seven two-bedrooms. The asset benefits from a 420C tax exemption through 2077, resulting in zero real estate taxes for the foreseeable future.
The property operates under an HPD regulatory agreement with income and rent restrictions across 50%, 60%, and 100% AMI bands, ensuring long-term affordability and compliance. It is supported by approximately $2.6 million in assumable financing at a favorable 4.03% interest rate, with a maturity date extending to 2051. The offering presents a compelling investment profile with an 8.40% Year 1 cash-on-cash return and a projected 13.04% IRR over a 10-year horizon.
Strategically located three blocks south of Crotona Park, the property enjoys proximity to local retailers, schools, and green spaces. Transit access is excellent, with the Bx15 and Bx35 bus lines within one block, and a Walk Score of 95 and Transit Score of 88 confirming its connectivity and pedestrian-friendly environment.
This GP interest sale offers investors a rare opportunity to participate in a stabilized, income-generating affordable housing asset with long-term regulatory protections and strong financial performance.
The property operates under an HPD regulatory agreement with income and rent restrictions across 50%, 60%, and 100% AMI bands, ensuring long-term affordability and compliance. It is supported by approximately $2.6 million in assumable financing at a favorable 4.03% interest rate, with a maturity date extending to 2051. The offering presents a compelling investment profile with an 8.40% Year 1 cash-on-cash return and a projected 13.04% IRR over a 10-year horizon.
Strategically located three blocks south of Crotona Park, the property enjoys proximity to local retailers, schools, and green spaces. Transit access is excellent, with the Bx15 and Bx35 bus lines within one block, and a Walk Score of 95 and Transit Score of 88 confirming its connectivity and pedestrian-friendly environment.
This GP interest sale offers investors a rare opportunity to participate in a stabilized, income-generating affordable housing asset with long-term regulatory protections and strong financial performance.
PROPERTY FACTS
| Price Per Unit | $33,502 CAD | Building Class | B |
| Sale Type | Investment | Lot Size | 0.19 AC |
| Cap Rate | 7.31% | Building Size | 21,000 SF |
| No. Units | 25 | No. Stories | 5 |
| Property Type | Multifamily | Year Built | 2020 |
| Property Subtype | Apartment | Parking Ratio | 0.24/1,000 SF |
| Apartment Style | Mid-Rise | Opportunity Zone |
Yes
|
| Zoning | R6 | ||
| Price Per Unit | $33,502 CAD |
| Sale Type | Investment |
| Cap Rate | 7.31% |
| No. Units | 25 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.19 AC |
| Building Size | 21,000 SF |
| No. Stories | 5 |
| Year Built | 2020 |
| Parking Ratio | 0.24/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | R6 |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 25 | - | - |
PROPERTY TAXES
| Parcel Number | 02609-0041 | Improvements Assessment | $1,443,772 CAD |
| Land Assessment | $376,647 CAD | Total Assessment | $1,820,419 CAD |
PROPERTY TAXES
Parcel Number
02609-0041
Land Assessment
$376,647 CAD
Improvements Assessment
$1,443,772 CAD
Total Assessment
$1,820,419 CAD
1 of 5
VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
