2515-2545 Olinville Ave

The four buildings located on Olinville Avenue in the Bronxdale neighborhood of the North Bronx contain a total of 133 units, (448 rooms), all of which are rent regulated. The buildings have been well managed and cared for under long-term institutional ownership. The properties all feature video surveillance, circuit breakers throughout, original wood flooring, and nicely renovated spacious apartments. All roofs are in excellent condition and 2515 Olinville features a new elevator cab and mechanicals. Gas and electric meters for all buildings reside in the basement. The boiler in 2531 Olinville Ave burns gas while the other three burn oil.

The portfolio has a gross annual income of $1,414,000. Average monthly rent per room is only $263, presenting the opportunity for significant revenue upside. Coupled with the low inventory of residential apartment buildings in this area and a strong demand for housing, the portfolio represents an ideal opportunity to own multifamily assets in the North Bronx.

The buildings are located steps west of the Allerton Avenue subway station which provides an approximately 45-minute commute to Midtown Manhattan via the 2- and 5-trains. The property also has quick access to the Bronx River Parkway and is within easy walking distance to the Allerton Avenue and White Plains Road commercial corridors. The properties are also a 15 minute walk from the Botanical Gardens Metro North stop.