3464 Knox Place 3464 Knox Immeuble residentiel 73 lots 7 666 740 € (105 024 €/Lot) Taux de capitalisation 7,60 % Bronx, NY 10467

The New York Multifamily Team at Marcus & Millichap is pleased to offer the following opportunity in one of the most sought-after neighborhoods in the Bronx. 3464 Knox Place is situated in prime Norwood between Gates & Jerome Ave, right off East Mosholu Parkway North and a short walk from Montefiore Medical Center. Encompassing 73 apartments, this elevator building spans 82,500 square feet with 175’ feet of frontage. The asset has been professionally managed, owned and operated by the same family for over 35 years, offering investors a unique opportunity to acquire a legacy asset with immediate economies of scale in a highly desirable submarket of the Bronx. 3464 Knox Place is a meticulously maintained elevator building and has recently benefited from a complete elevator modernization, dual-fuel burner and has had approximately* 61 of 73 apartments gut renovated down to the beams. Knox place is composed of 39 one, 21 two & 13 three-bedroom apartments offering future rental upside though a $631,317 preferential rent delta of actual vs DHCR legal registered rents. 3464 Knox Place is conveniently located near the Mosholu Park 4 train, the Norwood & Grand Concourse B & D trains, Montefiore Hospital, Lehman College, Fordham University, Van Courtlandt Park & Mosholu Golf Course, Williamsbridge Oval Recreation Center, The Bronx Zoo, The New York Botanical Garden & much more.
THE OPPORTUNITY
• Professionally Managed Legacy Asset: The asset has been professionally managed, owned and operated by the same family for over 35 years, offering investors a unique opportunity to acquire a legacy asset with immediate economies of scale in a highly desirable submarket of the Bronx. Knox Place is a meticulously maintained 73-unit elevator building located in prime Norwood, a short walk from Montefiore Medical Campus.?
• Building Upgrades & Gut Renovated Apartments: Knox place spans 82,500 square feet with a favorable unit mix of 9 one, 21 two & 13 three-bedroom apartments. The asset has recently benefited from a complete elevator modernization, dual fuel burner and has approximately* 61 of 73 apartments that have been gut renovated down to the beams.
• Future Potential & T-Mobile Cell Tower: Investors can capitalize on future rental upside through unit turnover via $645,713/year of preferential rent delta between actual collected vs. DHCR legal registered rents. 80% of units (59 of 73) are currently receiving pref rent. ?There also additional income from an active T-Mobile cell site that pays $2,779/month.
• Prime Location: 3464 Knox Place is conveniently located near the Mosholu Park 4 train, the Norwood & Grand Concourse B & D trains, Montefiore Hospital, Lehman College, Fordham University, Van Courtlandt Park & Mosholu Golf Course, Williamsbridge Oval Recreation Center, The Bronx Zoo, The New York Botanical Garden & much more.