1684 BANYER PLACE

Property Description

Investment Property Realty Group (IPRG) has been exclusively retained to sell a three building assemblage at 1684 A, B, C Banyer Place (Lots 22, 122, 23). The subject properties are located in the Soundview neighborhood of the Bronx.

The three properties, built in 2009, each contain 6 rent stabilized apartments, comprising a total of 18 apartments and rear yard parking accessible via Croes Avenue. There is a 15 year 421a that expires on June 30, 2026, upon which the apartments become destabilized with vacancy and rents can be increased with the next tenant. Each building is built 25 ft x 51 ft across three floors,
totaling 3,825 square feet and has a cellar. The unit count is 5 one bedrooms and 1 studio per building. Each of these apartments contain their own gas fueled heat and hot water boilers, and the common hallways contain a fire sprinkler system. The portfolio represents a well-maintained multifamily package offering investors stable in-place cash flow with the ability to significantly increase under market rents.
The properties are conveniently located near public transportation (6 train subway and buses), retail corridors, and neighborhood
amenities, with close proximity to major thoroughfares providing efficient access throughout the Bronx and greater New York City.