Potential 7.5% Cap while getting approvals for New Construction 3 or 4 Family. Lot is 25 x 100 and has 8 parking spots. Fair market rent for parking is $150/spot. Single family in rear of property. Current income is $2875/month between single family and the 8 parking spots. Property can be sold with the 4 Family next door (537 42nd Street asking $625,000). Asking price for both properties is $950,000. Total net income between both properties is $65,000. Get good returns while obtaining approvals for either 8 units with both lots or two 3/4 families for the individual lots.