Invictus Property Advisors was retained to market 746 East 218th Street, a three-family property in Williamsbridge, Bronx. The property was originally marketed at $1,125,000 with a strategy centered around its ability to be delivered vacant and repositioned by a new owner.
During the assignment, our team worked closely with ownership to help coordinate a buyout with one of the remaining tenants, ultimately allowing the property to be delivered fully vacant at closing. Achieving vacancy materially expanded the potential buyer pool and allowed us to position the asset to multiple buyer profiles rather than marketing it solely as an occupied investment property.
We saturated the market across two distinct buyer groups: investors focused on operating and renovating multifamily properties for program tenants, including Section 8, City FHEPS and HASA, as well as local end users seeking a vacant three-family property for personal occupancy or multigenerational use. The investment thesis was supported by projected renovated rents of approximately $9,927 per month, or $119,124 annually, assuming the units were renovated and rented to Section 8 tenants.
By creating competition across both the investor and end-user markets—and working with ownership to solve the remaining vacancy issue—Invictus was able to maximize the property's value and successfully close the sale at $975,000, delivered completely vacant.
