Overview
Calling All Investors, Developers & End-Users!!! 16, 896 Sqft. 20 Unit Apartment Building With Private Gated Parking In The Bronx For Sale!!! The Building Features Excellent Signage, Great Exposure, Low Property Taxes, 13 Parking Spaces In a Private Gated Lot, Bicycle Storage, Basement, High 8’ Ceilings, Strong R5D Zoning, All New LED Lighting, Separate Meters, 3 Phase Power, Sprinklers, A/C, +++!!! The Property Is Located In The Heart Of The Bronx Just Minutes From The Bronx River Parkway Off E. Gun Hill Road!!! Neighbors Include Toyota, Nissan, YMCA, The Home Depot, L.A. Fitness, Macy’s, Dunkin’, Walgreens, Wendy’s, Aldi, IHOP, KFC, +++!!! This Property Offers HUGE Upside Potential!!! This Could Be Your Next Development Site Or Be The Next Home For Your Business!!! Income: Apt. 1A: $27, 600 Ann.; Lease Exp.: 7/31/24. Legal Rent: $37, 920 Ann. Apt. 1B: $27, 600 Ann.; Lease Exp.: 9/14/24. Legal Rent: $37, 920 Ann. Apt. 2A: $28, 200 Ann.; Lease Exp.: 7/31/24. Legal Rent: $37, 920 Ann. Apt. 2B: $27, 369.60 Ann.; Lease Exp.: 8/31/24. Legal Rent: $35, 400 Ann. Apt. 2C: $30, 804 Ann.; Lease Exp.: 9/14/24. Legal Rent: $45, 300 Ann. Apt. 2D: $28, 200 Ann.; Lease Exp.: 7/31/24. Legal Rent: $37, 920 Ann. Apt. 2E: $27, 468 Ann.; Lease Exp.: 9/30/24. Legal Rent: $27, 468 Ann. Apt. 2F: $32, 400 Ann.; Lease Exp.: 8/31/24. Legal Rent: $45, 300 Ann. Apt. 3A: $27, 600 Ann.; Lease Exp.: 7/31/24. Legal Rent: $37, 920 Ann. Apt. 3B: $27, 960 Ann.; Lease Exp.: 8/31/24. Legal Rent: $35, 400 Ann. Apt. 3C: $30, 804 Ann.; Lease Exp.: 11/30/25. Legal Rent: $30, 804 Ann. Apt. 3D: $27, 600 Ann.; Lease Exp.: 9/14/24. Legal Rent: $37, 920 Ann. Apt. 3E: $27, 600 Ann.; Lease Exp.: 7/31/24. Legal Rent: $37, 920 Ann. Apt. 3F: $30, 804 Ann. ; Lease Exp.: 9/31/24. Legal Rent: $30, 804 Ann. Apt. 4A: $27, 780 Ann.; Lease Exp.: 7/31/24. Legal Rent: $37, 920 Ann. Apt. 4B: $26, 916 Ann. (Available) Legal Rent: $26, 916 Ann. Apt. 4C: $30, 804 Ann.; Lease Exp.: 1/14/25. Legal Rent: $30, 804 Ann. Apt. 4D: $38, 400 Ann.; Lease Exp.: 1/14/25. Legal Rent: $48, 000 Ann. Apt. 4E: $27, 468 Ann.; Lease Exp.: 9/30/24. Legal Rent: $27, 468 Ann. Apt. 4F: $31, 800 Ann.; Lease Exp.: 8/31/24. Legal Rent: $45, 300 Ann. Total Gross Rent: $585, 177.60 Ann. Total Legal Rent: $732, 324 Ann. Expenses: Electric: $6, 000 Ann. (Common Area Only) Heat/Hot Water: $14, 000 Ann. Insurance: $14, 500 Ann. Water/Sewer: $12, 000 Ann. Taxes: $2, 651.68 Ann. (Protected For The Next 34 Years) Total Expenses: $49, 151.68 Ann. Current Gross Income: $558, 261.60 Ann. Pro Forma Gross Income: $732, 324 Ann. Current Net Operating Income (NOI): $536, 025.92 Ann. (6.8% Cap) Pro Forma Net Operating Income (NOI): $683, 172.32 Ann. (8.89% Cap)