2596-2598 Third Ave - Medical FOR SALE


Bronx, NY 10454
$3,500,000 USD
646-559-4700
2596-2598 Third Ave, Bronx, NY for Sale
$3,500,000 USD
Medical - FOR SALE
1/21
null | 6.9% Cap Rate

2596-2598 Third Ave
Bronx, NY 10454


HIGHLIGHTS

  • 7,192 Sq. Ft. Corner Lot Built Full in Mott Haven.
  • Zoned R6, C2-4 Wide Street. ~21,576 BSF As-Of-Right. 28,048 BSF with UAP.
  • Projected 6.9% Cap Rate (As-Is).
  • Recently renovated, delivered in excellent condition. Last tenanted by Columbia University.
  • Potentialfor Assemblage with Neighboring Lots.

OVERVIEW

Landair Property Advisors has been hired to sell the single-story commercial asset located at 2598 Third Avenue, Bronx, NY. This property falls under R6, C2-4 zoning on a wide street, allowing for a diverse range of commercial and residential development types. Significant renovations completed in 2015 include roof, electricals, HVAC systems and plumbing. These improvements have fortified the property’s infrastructure and aesthetic appeal. The property stands to substantially appreciate in value with the right ownership strategy. There are (4) medical office suites that have been fully built out, as well as a basement with ~12 Ft ceilings that can be rented separately. The financial profile of the property is attractive as it will be delivered vacant. The corner location and finished buildout should allow you to attract high tenant interest. Projections are for the (4) units and basement to generate roughly $380,000 in gross income annually. In addition to the valuable structure currently on the property, it is also advantaged by its zoning and corner lot appeal, which would allow the purchaser to immediately file plans for a 21,576 Sq. Ft. Residential building (34,521 Sq. Ft. with Community Facility). Located just .1 Miles from the 138th Street 3 rd Avenue 6 Train subway stop, 2598 Third Avenue benefits from high pedestrian traffic and excellent accessibility, enhancing its value as a medical office building and redevelopment project. This property represents an exceptional opportunity for investors seeking a low-maintenance, high-yield asset mwith potential for future growth and development in a prime urban location.

FOR SALE DETAILS

PRICE

$3,500,000 USD

PRICE/SF

$457 USD /SF

CAP RATE

6.9%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

~7,192 SF LOT BUILT FULL – R6, C2-4

PROPERTY TYPE

Office

PROPERTY SUBTYPE

Medical

ADD'L SUBTYPES

Drug Store, Restaurant, Storefront Retail/Office

TOTAL BUILDING SIZE

-

STORIES

1

BUILDING CLASS

B

YEAR BUILT

1931

SPRINKLERS

-

PARKING SPACES

7

LAND DETAILS

LAND ACRES

0.2 AC

LAND SF

8,712 SF

ZONING

R6, C2-4

APN/PARCEL ID

02314-0054

ASK ABOUT THIS PROPERTY

Alexandre GouletLandair Property AdvisorsMore Info
646-559-4700

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Alexandre GouletLandair Property AdvisorsMore Info
646-559-4700

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.