1179 Yonkers Ave

1179 Yonkers Avenue, Yonkers, NY 10704

Investment Details

Location Yonkers, NY
Asset Class B
Acquired Date January 2021
Number of Units 27
Purchase Price $4,250,000
Sale Date February 2024
Sale Amount $7,000,000

Location

1179 Yonkers Avenue presented a prime acquisition opportunity, located on a busy avenue and purchased from a group specializing in strip mall retail, for whom the property no longer aligned with their investment strategy. Acquired at a favorable cap rate, we successfully raised rents on seven apartments by an average of $300-$400.

In addition, we restructured the commercial spaces by separating units, which resulted in a total rent increase of $2,500. Operational improvements included replacing the boiler, which cut oil expenses by an impressive 55%, and repairing sections of the roof to reduce leaks and lower repair and maintenance costs.