1650 Montgomery Avenue, Bronx, NY 10453
Gigantic investment opportunity for all investors and developers!!! Just a few minutes across the bridge from Manhattan in the University Heights of the Bronx, New York, lies this huge 2019 renovated 5 family property with stupendous returns. The property currently consists of a huge 2 bedroom apartment (Vacant), over 2 bedroom apartment on the first floor, and also another large 3 bedroom apartment and 2 bedroom apartment on the second floor, plus an additional 3 bedroom apartment ( open space) on the Walk-in level. There is also a huge full walk-out basement, (street level) that features 1 bedroom apartment respectively with a full bathroom in each apartment. This brings the total number of bedrooms to 13 bedrooms. The basement level is currently demolished and cleaned out for renovation and is to be completed by the next owner. This property currently has an approved plan for a 5 family with the New York City Department Of Buildings (DOB). Sprinkler system was already approved and paid for by the current owner. The new owner only needs to file for a new certificate of occupancy to convert to 5 family which increases the value to $1.2million. Zoning of R7-1 with an air right also affords the new owner the opportunity to build up to a total of 18 units on this property. Net Operating income is $93,085 yearly, tax is $3,615 (very low), total operating expenses including taxes is $13,115 and the cap rate is 9.40%. Projected Net Operating Income is $139,400 with total Operating Expenses including taxes at $16,000. Cap rate will be 14%. Let's deal!!