UPDATED:
Key Details
Property Type Commercial
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
MLS Listing ID 1019150
Rental Info No
Year Built 1908
Annual Tax Amount $18,618
Lot Size 2,374 Sqft
Acres 0.0545
Property Sub-Type Multi Family
Source onekey2
Property Description
Six-unit brick rent-stabilized building in the Van Nest section of the Bronx offered at a price reflecting its current condition and operational challenges. The property currently generates approximately $8,200 per month in rental income with one apartment presently under a vacate order which is close getting lifted this upcoming week. Several units are rented below legal regulated rents, presenting long-term repositioning potential for investors experienced with New York City's rent stabilization system.
The current owner has made substantial investments into the property despite its challenges. Approximately 23 of the 36 cited violations have been addressed and are currently awaiting HPD inspection and official clearance. In addition, the apartment subject to the vacate order has been completely gutted and extensively renovated, offering a virtually brand-new interior once the remaining requirements are satisfied.
The building currently has open HPD/DOB violations and is being sold AS IS. Sellers are prepared to provide available documentation, including the current rent roll, income and expense information, violation reports, and details of completed improvements to qualified buyers.
This is an opportunity for an experienced operator looking to acquire a well-located multifamily asset at a significant discount while benefiting from the significant rehabilitation work already completed by the current owner. Conveniently located near Pelham Parkway, public transportation, shopping, and major highways.
Serious inquiries only. Cash buyers or purchasers with financing suitable for distressed multifamily assets are encouraged.
Location
State NY
County Bronx County
Rooms
Basement Walk-Out Access
Interior
Heating Natural Gas
Cooling Wall/Window Unit(s)
Fireplace No
Exterior
Parking Features On Street
Utilities Available Electricity Available, Natural Gas Available, Water Available
Building
Sewer Public Sewer
Water Public
Structure Type Brick
Schools
Elementary Schools Ps/Ms 498 Van Nest Academy
Middle Schools Jhs 127 Castle Hill (The)
High Schools Bronx 11
School District Bronx 11
Others
Special Listing Condition None
NEARBY SCHOOLS & PROPERTIES
The mission of the ASA Real Estate Group is to provide a lifelong, positive impact on our clients, our communities, our team, as well as the other realtors with which we work. We specialize in assisting Buyers and Sellers transact. With our extensive knowledge of the market we help our clients get the best possible price for their home through proactive marketing approach. We guide sellers and buyers through every step of the process and keep them updated their transaction.