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1397 Franklin Ave 3,635 SF Retail Building Bronx, NY 10456 $2,250,000 ($618.98/SF) 6.30% Cap Rate
Investment Highlights
- Corner property located on Franklin Avenue in the Morrisania neighborhood of the Bronx.
- Positioned near major highways, public transportation, hospitals, and neighborhood shopping destinations.?
- R6 zoning provides flexibility for a range of permitted residential and mixed-use development patterns.
- Located within the New York-Jersey City-White Plains metropolitan area, providing access to one of the nation's largest population and employment cent
Executive Summary
A 33’ wide two-unit three story corner mixed-use building. The property has two stores on the first floor and two four-bedroom apartments above.
The units have nice wood floors all the bedrooms have good size closets and get great sunlight. The units has 10’ ceilings and individually metered for gas and electric.
The property is a prime investment opportunity, an investor can add value by updating the apartments and common areas. The property is also a great development opportunity, a 9,647 square feet building can be built with commercial on the ground floor. A new building can be built at the back of the building.
The property is also a great user opportunity, a user can use the corner store for their business and live in one of the units. The property has 2,758 square feet of air rights, which makes it a great development opportunity. A developer can build a new building at the back.
The property has great residential and commercial exposure on Franklin Avenue and 170th Street. The 2 & 5 trains are on 174th Street and Freeman Street.
The units have nice wood floors all the bedrooms have good size closets and get great sunlight. The units has 10’ ceilings and individually metered for gas and electric.
The property is a prime investment opportunity, an investor can add value by updating the apartments and common areas. The property is also a great development opportunity, a 9,647 square feet building can be built with commercial on the ground floor. A new building can be built at the back of the building.
The property is also a great user opportunity, a user can use the corner store for their business and live in one of the units. The property has 2,758 square feet of air rights, which makes it a great development opportunity. A developer can build a new building at the back.
The property has great residential and commercial exposure on Franklin Avenue and 170th Street. The 2 & 5 trains are on 174th Street and Freeman Street.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
3,635 SF
Building Class
C
Year Built
1931
Price
$2,250,000
Price Per SF
$618.98
Cap Rate
6.30%
NOI
$141,750
Tenancy
Single
Building Height
3 Stories
Building FAR
1.28
Lot Size
0.06 AC
Opportunity Zone
Yes
Zoning
R6 - Medium density residential district
Frontage
33’ on Franklin Ave
Exceptionally walkable
100/100
Fairly drivable
40/100
Exceptional public transit
100/100
Moderately bikeable
70/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 02931-0057 | Improvements Assessment | $32,313 |
| Land Assessment | $4,389 | Total Assessment | $36,702 |
Property Taxes
Parcel Number
02931-0057
Land Assessment
$4,389
Improvements Assessment
$32,313
Total Assessment
$36,702
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1397 Franklin Ave