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Key Details
Property Type Other Types
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
MLS Listing ID 999591
Rental Info No
Year Built 1920
Annual Tax Amount $2,218
Lot Size 2,448 Sqft
Acres 0.0562
Property Sub-Type Multi Family
Source onekey2
Property Description
Priced at $1,450,000 with a projected net operating income of $120,894, the property delivers a projected cap rate of 8.34% — well above the typical Bronx multi-family benchmark — and a projected cash-on-cash return of 12.91%, based on 20% down at a 6% interest rate over a 30-year amortization. Projected rents are underwritten using current New York City Payment Standards, providing a conservative, voucher-backed baseline; market-rate rents in the area may yield even stronger returns. Tenants are responsible for their own utilities, keeping operating expenses lean and cash flow predictable from day one.
Each residential unit has been thoughtfully designed for the modern renter, featuring sleek kitchens with stainless steel appliances, grey quartz countertops, and flint grey cabinetry. Hardwood floors flow throughout, complemented by spacious open-concept living areas built for entertaining and stylishly updated bathrooms. The ground-floor commercial space has been fully upgraded and is move-in ready for an established tenant or owner-operator. Additional features include a spacious private backyard ideal for gardening or outdoor relaxation, an adjacent community garden providing a landscaped park-like setting, onsite storage, laundry facilities, and a walkout basement for added utility and flexibility.
Ideally located just minutes from the Melrose Metro-North station with a 30-minute commute to Midtown Manhattan, the property also offers convenient access to major highways, Starbucks, and a growing roster of local dining options. R7-2 zoning unlocks meaningful development potential, making this an exceptional opportunity for builders and long-term holders looking to scale or reposition the site. Delivered vacant, fully renovated, and offering double-digit projected returns with diversified residential and commercial income streams — this property gives you optionality from day one.
Location
State NY
County Bronx County
Rooms
Basement Partially Finished, Walk-Out Access
Interior
Heating Electric
Cooling Wall/Window Unit(s)
Fireplace No
Appliance Gas Oven, Gas Range, Microwave, Refrigerator, Stainless Steel Appliance(s)
Exterior
Parking Features None
Utilities Available Electricity Available, Natural Gas Available
Building
Sewer Public Sewer
Water Public
Structure Type Brick,Vinyl Siding
Schools
Elementary Schools Contact Agent
Middle Schools Call Listing Agent
High Schools Contact Agent
School District Contact Agent
Others
Special Listing Condition None
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Randy Reis
Team Leader | License ID: 40RE1176716
Team Leader License ID: 40RE1176716