New York, NY 10458

Property

Ownership: For Sale
Type: Multi-Family
Lot Size: 0.1 Acres

Financials

Price:$3,500,000
Annual Taxes:$21,308
505 Park Ave, New York, NY 10022
Listing Courtesy of Houlihan Lawrence Inc.

Welcome to your next investment opportunity !

4 Story Brick Building

Description

Welcome to your next investment opportunity! Located in the desirable Bedford Park/Norwood section of the The Bronx, this well-maintained 4-story stone and brick multifamily building presents an exceptional investment opportunity. Spanning approximately 7,400 square feet, the property consists of 5 oversized market rent residential units, including three expansive 5-bedroom, 2-bathroom apartments, one 4-bedroom, 2-bathroom units and one ground-floor 2-bedroom, 2-bathroom unit. The building’s large layouts provide strong rental demand and excellent long-term income-producing potential. All units are market rent with yearly leases ending in November. Approximately 8 years ago, the property underwent a full gut renovation with extensive upgrades completed throughout the entire building. Improvements included new drywall, upgraded electrical systems and fixtures, renovated kitchens and bathrooms, upgraded windows, a new roof, new furnaces and hot water heaters, updated heating elements, and new gas piping. These renovations significantly modernized the property while enhancing operational efficiency and reducing future maintenance exposure. Ownership has continued to meticulously maintain and improve the building since the renovation. All utilities are fully separated, with each unit featuring its own individual gas furnace and separate hot water heater, totaling 5 independent heating systems throughout the property. Additional capital improvements include newly installed concrete and drainage piping completed just 2 years ago, further strengthening the building’s infrastructure and long-term reliability. The property has also benefited from proactive upgrades completed in anticipation of evolving NYC building requirements. Ownership recently installed a new sidewalk curb valve for emergency water shutoff access, professionally de-clogged the main water line, and installed new shutoff valves in the utility room to improve operational functionality and management efficiency. The building offers additional upside and future income growth potential. The 1st, 2nd, and 3rd floor units are currently occupied by a daycare operation, providing stable occupancy with the possibility to further increase cash flow depending on future leasing strategy and use configuration. Combining strong building systems, oversized unit layouts, and a prime Bronx location near transportation, shopping, schools, parks, and major thoroughfares, this stone and brick asset represents an ideal addition to any investor’s portfolio. The property is also located within an R7A zoning district, allowing for approximately 2,676 square feet of additional buildable area, creating valuable long-term development and expansion potential.

Amenities

  • Back Yard
  • Building Security
  • Cable - Available
  • Cable Connected
  • Convection Oven
  • Cooktop
  • Electricity Available
  • Electricity Connected
  • Fire Escape
  • Gas Cooktop
  • Gas Oven
  • Gas Range
  • Gas Water Heater
  • Natural Gas Available
  • Natural Gas Connected
  • Neighborhood
  • Other
  • Oven
  • Phone Available
  • Phone Connected
  • Sewer Available
  • Sewer Connected
  • Smoke Detectors
  • Trash Collection Public
  • Walk Up
  • Water Available
  • Water Connected

Long Island MLS

All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. International currency conversions where shown are estimates based on recent exchange rates and are not official asking prices.

All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.