Updated almost 2 years ago on . Most recent reply
Development and Rental Opportunity - Bronx, NY R7-1 Zoning
Hello Bronx investors, I currently have two 3 family buildings (next to one another) in the Belmont section of the Bronx in R7-1 zoning on 21 x 52 ft lots with a 3.44 residential FAR and only 1.13 of it being used. $1.95M asking price and 7.02% cap rate currently but can be brought to 8.2% with rent increases of 2 units to their market value. NOI = $136,957 with an expected NOI = $161,617.
Great development opportunity. Can be kept as a rental until 421 Abatement is brought back or developed as is. Let me know if you would like the full breakdown. ASK = $1.95M
-Daniel M
Offering
New York City, New York