Description

The Belmont Mohegan Portfolio in the Bronx represents a significant affordable housing investment opportunity consisting of 11 elevator buildings with a total of 345 residential units and two commercial spaces spanning approximately 334,520 square feet. The portfolio benefits from a long-term Article XI tax abatement structure set at 1% of gross rental income through 2058, providing substantial operating advantages and long-term stability. A recent 610 regulatory amendment creates meaningful upside for future rental growth, further supported by a strong tenant profile with approximately 63% of residents utilizing housing vouchers. Ownership has completed an extensive $5 million capital improvement program, including upgrades to elevators, roofs, facades, and boiler systems, resulting in well-maintained, turnkey infrastructure. Located within a highly walkable neighborhood with strong public transportation access, the portfolio offers convenient connectivity to Manhattan, nearby retail corridors, and community amenities. Combining stable in-place income, operational efficiencies, favorable tax treatment, and long-term value-add potential, this portfolio presents a compelling investment opportunity in one of the Bronx’s evolving residential markets.