New York, NY 10458

Property

Ownership: For Sale
Type: Single Family
Rooms: 16
Bedrooms: 11 BR
Bathrooms: 5
Lot Size: 0.1 Acres

Financials

Price:$1,300,000
Annual Taxes:$5,872.48
505 Park Ave, New York, NY 10022
Listing Courtesy of NY Space Finders Inc

Excellent opportunity to acquire a renovated, legal three family property with strong cash flow and high NOI.

Description

Excellent opportunity to acquire a renovated, legal three-family property with strong cash flow and high NOI. The three-story building features three spacious residential apartments, with each unit occupying its own floor. Apartment 1: 2 bedrooms, 1 bathroom Apartment 2: 4 bedrooms, 2 bathrooms Apartment 3: 5 bedrooms, 2 bathrooms All three units are rented and income producing, offering investors immediate rental income and a strong existing cash-flow profile. The property's legal three-family configuration, large apartment layouts, and renovated condition make it an attractive investment opportunity with additional upside. Located in the Bronx, the property is surrounded by parks, restaurants, shopping, grocery stores, and public transportation, offering residents convenient access to everyday amenities and neighborhood attractions. Development Potential: The property sits on a 25' x 136' lot and is located in an R7B zoning district with a residential FAR of 3.0. The existing income-producing property also offers additional development potential, providing an opportunity for an investor or developer to explore future expansion or redevelopment, subject to applicable zoning and building regulations.Featured Residential Sales.

Amenities

  • Cable Connected
  • Electricity Connected
  • Gas Oven
  • High ceiling
  • Natural Gas Connected
  • Refrigerator

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.