3114 Bailey AveThe Bronx, NY 10463

This exceptional redevelopment opportunity presents a 1,800 square foot, fully occupied, multi-tenant storefront located at 3114 Bailey Ave in the Bronx, NY 10463. Currently housing a grocery store and laundromat, this property offers significant upside potential. The building features two units, each with a lease expiring May 23, 2031, providing a remaining lease term of 6.5 years. The property boasts a strong net operating income (NOI) of $66,000, resulting in a 5.08% cap rate and a price per square foot of $722.22. The asking price is $1,300,000. Situated in an R6 zone, this single-story building allows for flexible redevelopment options, including the potential for a build-to-suit project. Its prime location near the #1 train ensures excellent accessibility and a substantial customer base, given its proximity to numerous residential buildings. This is an ideal investment for entrepreneurs seeking to modernize existing spaces or construct a new structure incorporating a mix of commercial and residential uses. The current tenants have no credit rating. The lease type is NNN.