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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 | $712,416 CAD | 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 | $712,416 CAD |
| 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 | $819,267 CAD |
| Land Assessment | $141,624 CAD | Total Assessment | $960,891 CAD |
Property Taxes
Parcel Number
02698-0080
Land Assessment
$141,624 CAD
Improvements Assessment
$819,267 CAD
Total Assessment
$960,891 CAD
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