1697 Jerome AveThe Bronx, NY 10453

Property Details for 1697 Jerome Ave

Year built

2016

Property size (Sq ft)

2,000 SF

Property type

Mixed-use properties

Property subtype

Apartment buildings

Description

This exceptional Class A mixed-use property, located at 1697 Jerome Avenue in the Bronx, NY 10453, presents a compelling investment opportunity. The 2,000 square foot building, constructed and renovated in 2016, boasts a total of 4,000 net rentable square feet across three floors and includes 3,900 square feet of air rights. The property features one retail unit currently leased for $3,500 per month on a five-year term, and two vacant, newly renovated three-bedroom apartments on the second and third floors, each projecting a monthly rent of approximately $3,300 and $3,350 respectively. The building has separate heating systems for each unit. The property's current occupancy is 50%, with full occupancy projected by December 10, 2024. Based on the current income and expenses, the property shows a Net Operating Income (NOI) of $111,087, resulting in a current cap rate of 9.00% and a pro-forma cap rate of 8.21%. Annual expenses include real estate taxes of $4,313, water costs of $1,800, utilities of $600, insurance of $2,500, and superintendent fees of $1,500. The asking price for this stabilized investment is $1,400,000. The building is a three-story structure situated on a single lot and is zoned C8-3.

Location Insight

City

The Bronx

County

Bronx

State

New York

Latitude

40.8465

Longitude

-73.9132

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].