1179 Yonkers Ave
1179 Yonkers Avenue, Yonkers, NY 10704Investment 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.