1785 Townsend Avenue, Bronx, NY 10453
Mount Hope
Property Details
| Asking Pricing | $4,800,000 |
|---|---|
| Type | Multifamily |
| Neighborhood | Mount Hope |
| Properties | 1 |
| Lot Size | 102' x 140' |
| Size | 48,753 SF |
| Units | 59 Units |
Investment Highlights:
Built in 1924, 1785 Townsend Avenue is a 5-story (plus cellar) corner walkup apartment building that has 48,753 SF and includes 59 apartments. The Property has been operating under an Article XI Regulatory Agreement and benefits from a 30-year tax exemption (2017-2048). The estimated tax savings through 2048 is $4.9M and the net present value of this benefit is approximately $1.6M. 18 of the units are subject to 65% AMI, 40 units are subject to 90% AMI and one unit is designated for the superintendent.
1785 Townsend Avenue is located on the SW corner of Townsend Avenue and East 176th Street, one block west of Grand Concourse with ample shopping and public transportation including the #4 Train, which is located steps away on West 176th Street and Jerome Avenue.
The Property has been under a 35 year ownership and has been meticulously maintained with excellent tenant records. In addition, ownership installed a new roof with solar panels in 2021/2022.
