650 City Island Ave The Bronx, NY 10464

This exceptional City Island investment opportunity presents a beautifully remodeled, four-unit apartment building with a prime waterfront location at 650 City Island Ave, Bronx, NY 10464. Boasting 2,580 square feet, this two-story Class B building, constructed in 1901 and renovated in 2020, offers a compelling 7.61% cap rate with a current NOI of $110,400 and an asking price of $1,450,000. The property features two 2-bedroom, 1-bathroom units on the upper floor, each with a private balcony offering breathtaking ocean and sunset views. The ground floor comprises two 1-bedroom, 1-bathroom units sharing an 8-foot front deck. All four units are currently vacant and equipped with energy-efficient electric and individual meters. Convenient amenities include in-unit washer/dryer access on each floor, a two-car garage, and additional parking for five vehicles on the 8,775 square foot (84 x 104) lot. A retail/office space is situated at the front of the property. The property is zoned C3 and has six parking spaces. This is a rare opportunity to acquire a well-maintained multifamily property with significant upside potential in a highly desirable waterfront location. The property's strong cash flow and potential for rental income make it an attractive investment for both seasoned and new investors.