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Hoffman Street Portfolio 4 Multifamily Properties Offered at $8,096,336 CAD in Bronx, NY
INVESTMENT HIGHLIGHTS
- Located steps from Fordham University and Arthur Avenue
- Excellent transit access via subway and Metro-North
- Individually metered PTAC and hot water systems
- Strong value-add upside in prime Bronx submarket
EXECUTIVE SUMMARY
Positioned in the heart of Belmont’s Little Italy, the Hoffman Street Portfolio presents a rare opportunity to acquire a concentrated 32-unit multifamily package across four contiguous buildings. Located at 2376, 2378, 2384, and 2386 Hoffman Street, this value-add investment benefits from proximity to Fordham University, Arthur Avenue’s vibrant retail corridor, and multiple transit options including the 4, B, D subway lines and Metro-North’s Fordham Station.
The unit mix includes six one-bedroom and twenty-six two-bedroom apartments, each outfitted with in-unit PTAC heating and cooling systems and dedicated hot water heaters—features that reduce building-wide maintenance and enhance tenant comfort. The buildings are four stories tall, each with 8 units, and sit on lots measuring 25' x 119.1'. The total lot area is 11,912 SF with a combined buildable area of 26,206 SF under R6 / C1-4 zoning.
A key financial advantage is the portfolio-wide 421a tax abatement, significantly lowering the effective tax burden through 2033. The offering is priced at $5.8 million, equating to $181,250 per unit and $177 per square foot, with a current cap rate of 11.34% and a proforma cap rate of 14.41%.
This portfolio’s scale and location offer operational efficiencies and strong rental demand, making it ideal for investors seeking stable cash flow with upside through strategic renovations and management.
The unit mix includes six one-bedroom and twenty-six two-bedroom apartments, each outfitted with in-unit PTAC heating and cooling systems and dedicated hot water heaters—features that reduce building-wide maintenance and enhance tenant comfort. The buildings are four stories tall, each with 8 units, and sit on lots measuring 25' x 119.1'. The total lot area is 11,912 SF with a combined buildable area of 26,206 SF under R6 / C1-4 zoning.
A key financial advantage is the portfolio-wide 421a tax abatement, significantly lowering the effective tax burden through 2033. The offering is priced at $5.8 million, equating to $181,250 per unit and $177 per square foot, with a current cap rate of 11.34% and a proforma cap rate of 14.41%.
This portfolio’s scale and location offer operational efficiencies and strong rental demand, making it ideal for investors seeking stable cash flow with upside through strategic renovations and management.
PROPERTY FACTS
| Price | $8,096,336 CAD | Number of Properties | 4 |
| Price / SF | $247.20 CAD / SF | Individually For Sale | 0 |
| Cap Rate | 14.41% | Total Building Size | 32,752 SF |
| Sale Type | Investment | Total Land Area | 0.28 AC |
| Status | Active |
| Price | $8,096,336 CAD |
| Price / SF | $247.20 CAD / SF |
| Cap Rate | 14.41% |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 4 |
| Individually For Sale | 0 |
| Total Building Size | 32,752 SF |
| Total Land Area | 0.28 AC |
PROPERTIES
| PROPERTY NAME / ADDRESS | PROPERTY TYPE | SIZE | YEAR BUILT | INDIVIDUAL PRICE |
|---|---|---|---|---|
| 2376 Hoffman St, Bronx, NY 10458 | Multifamily | 8,188 SF | 2006 | - |
| 2378 Hoffman St, Bronx, NY 10458 | Multifamily | 8,188 SF | 2006 | - |
| 2384 Hoffman St, Bronx, NY 10458 | Multifamily | 8,188 SF | 2005 | - |
| 2386 Hoffman St, Bronx, NY 10458 | Multifamily | 8,188 SF | 2005 | - |
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