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2981-2985 3rd Ave
Bronx, NY 10455
Retail Property For Sale
Investment Highlights
- Strong existing cash flow with 4 of 5 retail units leased.
- Additional upside through leasing the final vacant storefront.
- Significant development potential with over 10,500 SF of air rights.
- Prominent 83-foot frontage along vibrant 3rd Avenue corridor.
- Surrounded by national retailers, driving strong consumer traffic.
- Excellent access to major subway lines and local bus routes.
Executive Summary
Strong Occupancy: Comprised of 5 total units with 4 currently occupied. This asset provides a stable, in-place cash flow on day one, while offering immediate upside potential to drive additional revenue by leasing the final vacant storefront.
Superb Retail Corridor Location: Situated on a high-foot-traffic block with an impressive 83 feet of frontage along 3rd Avenue. The property benefits from the massive consumer draw of nearby major national retailers, including Aldi, Burlington, and Marshalls.
Significant Development Potential: The property boasts a total buildable square footage of 21,848, which includes 10,548 SF of available air rights, presenting a substantial opportunity for future expansion or vertical development.
Excellent Accessibility: Exceptionally well connected for commuters and local shoppers. The property is positioned immediately adjacent to the Bx15 and Bx21 bus stops, and is just a short walk to the 2 and 5 subway trains at the 3rd Avenue–149th Street station.
Superb Retail Corridor Location: Situated on a high-foot-traffic block with an impressive 83 feet of frontage along 3rd Avenue. The property benefits from the massive consumer draw of nearby major national retailers, including Aldi, Burlington, and Marshalls.
Significant Development Potential: The property boasts a total buildable square footage of 21,848, which includes 10,548 SF of available air rights, presenting a substantial opportunity for future expansion or vertical development.
Excellent Accessibility: Exceptionally well connected for commuters and local shoppers. The property is positioned immediately adjacent to the Bx15 and Bx21 bus stops, and is just a short walk to the 2 and 5 subway trains at the 3rd Avenue–149th Street station.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront Retail/Office
Building Size
11,000 SF
Building Class
C
Year Built/Renovated
1992/2012
Price
$6,500,000
Price Per SF
$590.91
Cap Rate
7.07%
NOI
$459,851
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
1.94
Lot Size
0.13 AC
Opportunity Zone
Yes
Zoning
C4-4 - C4-4 Zoning is a general commercial zoning district in NYC typically meant for larger commercial uses such as larger stores and offices and areas with higher traffic. In these commercial districts, you can build a variety of commercial uses, community fac
Frontage
97’ on 3rd Ave
Amenities
- Bus Line
Property Taxes
| Parcel Number | 02375-0042 | Improvements Assessment | $452,790 |
| Land Assessment | $122,850 | Total Assessment | $575,640 |
Property Taxes
Parcel Number
02375-0042
Land Assessment
$122,850
Improvements Assessment
$452,790
Total Assessment
$575,640
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