Description

Located in the center of Belmont’s Little Italy, the Hoffman Street Portfolio offers a unique opportunity to acquire a 32-unit multifamily investment spanning four adjacent buildings at 2376, 2378, 2384, and 2386 Hoffman Street. Positioned near Fordham University, the bustling Arthur Avenue retail corridor, and multiple transportation options including the 4, B, and D subway lines as well as Metro-North’s Fordham Station, the portfolio benefits from strong tenant demand and excellent connectivity. The property consists of six one-bedroom and twenty-six two-bedroom apartments, all equipped with individual PTAC heating and cooling systems and separate hot water heaters to minimize operational costs and improve tenant convenience. Each four-story building contains eight units and sits on a 25' x 119.1' lot, contributing to a total lot area of 11,912 square feet and a combined buildable area of 26,206 square feet under R6/C1-4 zoning. A major advantage of the investment is the existing 421a tax abatement in place through 2033, substantially reducing the overall tax burden. Offered at $5.2 million, or approximately $162,500 per unit and $159 per square foot, the asset currently delivers a 12.94% cap rate with the potential to achieve a 16.09% proforma cap rate. With its scale, strategic location, and value-add potential through renovations and improved management, the portfolio presents a compelling opportunity for investors seeking stable income and long-term upside.