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924 Rev James A Polite Ave
Bronx, NY 10459
Multifamily Property For Sale
·
3 Units
Investment Highlights
- Strong cash flow and multiple income streams
- Close to public transportation, including the 2 and 5 subway lines, multiple bus routes, and major thoroughfares
- Fully occupied mixed-use property
Executive Summary
7.5% Cap | $155K Income | Mixed-Use | South Bronx
?? 7.5% Cap Rate | $155K Gross Income | Mixed-Use Investment Opportunity
Strong cash-flowing mixed-use property with multiple income streams and upside potential. Fully occupied asset generating approximately $155,000 annual gross income ($12,500/month) with an estimated NOI of $122,289.
At an asking price around $1.6M, the property supports an in-place cap rate of approximately 7.5%, with potential to exceed 8%+ when including full advertising income.
?? Unit Breakdown
1st Floor: 1 bedroom, 1 bathroom plus extra room (includes electricity)
2nd Floor: 2 bedrooms, 2 bathrooms
3rd Floor: 2 bedrooms, 2 bathrooms
Commercial Space: Ground-floor retail plus additional advertising income
?? Key Investment Highlights
?? 3 residential units plus 1 commercial space
?? Additional advertising income (~$3,500/month)
?? Estimated NOI ~$122,000+
?? Low operating expenses and favorable taxes
?? Multiple income streams (residential, commercial, advertising)
?? Income Profile
Residential income: ~$74,400/year
Commercial income: ~$33,600/year
Advertising income: ~$42,000/year
Total gross income: ~$155,000/year
?? Value Proposition
? Immediate cash-flowing asset
? Built-in upside through additional income and expense optimization
? Strong tenant demand in a growing South Bronx market
? Attractive yield compared to similar mixed-use properties
?? Notes
Advertising income is currently in place but should be underwritten separately. All income and expense figures are approximate and subject to independent verification.
?? Access by appointment only. Do not disturb tenants.
?? 7.5% Cap Rate | $155K Gross Income | Mixed-Use Investment Opportunity
Strong cash-flowing mixed-use property with multiple income streams and upside potential. Fully occupied asset generating approximately $155,000 annual gross income ($12,500/month) with an estimated NOI of $122,289.
At an asking price around $1.6M, the property supports an in-place cap rate of approximately 7.5%, with potential to exceed 8%+ when including full advertising income.
?? Unit Breakdown
1st Floor: 1 bedroom, 1 bathroom plus extra room (includes electricity)
2nd Floor: 2 bedrooms, 2 bathrooms
3rd Floor: 2 bedrooms, 2 bathrooms
Commercial Space: Ground-floor retail plus additional advertising income
?? Key Investment Highlights
?? 3 residential units plus 1 commercial space
?? Additional advertising income (~$3,500/month)
?? Estimated NOI ~$122,000+
?? Low operating expenses and favorable taxes
?? Multiple income streams (residential, commercial, advertising)
?? Income Profile
Residential income: ~$74,400/year
Commercial income: ~$33,600/year
Advertising income: ~$42,000/year
Total gross income: ~$155,000/year
?? Value Proposition
? Immediate cash-flowing asset
? Built-in upside through additional income and expense optimization
? Strong tenant demand in a growing South Bronx market
? Attractive yield compared to similar mixed-use properties
?? Notes
Advertising income is currently in place but should be underwritten separately. All income and expense figures are approximate and subject to independent verification.
?? Access by appointment only. Do not disturb tenants.
Property Facts
| Price Per Unit | $517,000 | Lot Size | 0.03 AC |
| Sale Type | Investment | Building Size | 4,000 SF |
| Cap Rate | 7.50% | Average Occupancy | 100% |
| No. Units | 3 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 2005 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Building Class | B | ||
| Zoning | R7-1 - A medium-density residential zoning district in NYC, common in the Bronx, Brooklyn, Queens, and Manhattan, allowing for high-lot-coverage apartment buildings. | ||
| Price Per Unit | $517,000 |
| Sale Type | Investment |
| Cap Rate | 7.50% |
| No. Units | 3 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | B |
| Lot Size | 0.03 AC |
| Building Size | 4,000 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 2005 |
| Opportunity Zone |
Yes |
| Zoning | R7-1 - A medium-density residential zoning district in NYC, common in the Bronx, Brooklyn, Queens, and Manhattan, allowing for high-lot-coverage apartment buildings. |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 3 | - | - |
Property Taxes
| Parcel Number | 02698-0080 | Improvements Assessment | $467,838 |
| Land Assessment | $114,462 | Total Assessment | $582,300 |
Property Taxes
Parcel Number
02698-0080
Land Assessment
$114,462
Improvements Assessment
$467,838
Total Assessment
$582,300
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