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Type:
Multifamily
Sq Ft:
3,733
Units:
Property Description
Investment Property Realty Group (IPRG) has been exclusively retained to arrange the sale of 1040 Clay Avenue, an occupied six-family building located in the Concourse Village section of the Bronx.
The subject property consists of six residential units configured as five one-bedroom apartments and one two-bedroom apartment. The building spans approximately 3,733 square feet and sits on a 27.17 ft x 80 ft lot within an R7-1 zoning district, offering a total FAR of 3.44.
The property generates $100,538 in current gross annual income with a current net operating income of $53,405, representing a 6.28% cap rate at the asking price of $850,000. This equates to $141,667 per unit and $228 per square foot, providing investors with immediate, stable cash flow.
1040 Clay Avenue is ideally positioned between East 165th and East 166th Streets and benefits from convenient access to the B, D, and 4 subway lines.
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Block & Lot:
2425-2
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Neighborhood:
Concourse Village
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Cross Streets:
East 165th Street & East 166th Street
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Building Dimensions:
22 ft x 47 ft
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Lot Dimensions:
27.17 ft x 80 ft
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Units:
6
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Total Approx. SF:
3,733
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Zoning:
R7-1
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FAR:
3.44
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Tax Class:
2A
