1047 Morris Avenue

Description

Introducing 1047 Morris Avenue, a newly developed brick six-family townhouse offering premium modern living, strong in-place income, and future upside in the fast-growing Concourse Village corridor. With approximately $180K in gross income and an estimated $165K NOI, the property delivers a solid ~6.5% cap rate and approximately 5.25% cash-on-cash return with 25% down at today’s favorable financing, making it a compelling opportunity for savvy investors seeking a high-quality, free-market asset. Inside, each residence showcases custom finishes and thoughtful design, including flint-grey cabinetry, stone breakfast bars, stainless steel appliances, and hardwood flooring throughout. Spacious living rooms flow seamlessly into the kitchens—ideal for entertaining—while well-placed powder rooms offer added convenience. Bedrooms easily accommodate full furniture sets, and each unit is equipped with wall units providing efficient heating and cooling. The six-family configuration includes: • Two 2-bedroom / 1-bath units • Three 1-bedroom units • One studio apartment with ground-floor access The building also features parking for two additional vehicles, along with common laundry, a security camera system, and pet-friendly accommodations. Tenants pay their own utilities. Adding to the long-term value, the property is zoned R7-1, allowing for approximately 3,498 additional buildable square feet, presenting a meaningful development or expansion opportunity. Perfectly positioned in the Concourse section of the Bronx, the building is moments from playgrounds, supermarkets, restaurants, schools, and extensive transit options (4, B, D trains + Bx32, Bx19, Bx21, Bx33, M125). With quick access to major roadways and the George Washington Bridge, commuting is efficient and convenient. Whether you’re an investor seeking strong income with upside or an owner looking for a modern, turnkey asset, 1047 Morris Avenue stands out as a premier opportunity in Concourse Village.