2377 Creston AveThe Bronx, NY 10468

Property Details for 2377 Creston Ave

Property type

Mixed-use properties

Description

This exceptional mixed-use property, located at 2377 Creston Avenue in the Bronx, New York (zip code 10468), presents a compelling investment opportunity. The six-story building encompasses 45,966 square feet on an 11,634 square foot lot, and features 59 units, including 53 apartments and 6 retail spaces. Currently operating at 100% occupancy, the property boasts a strong net operating income (NOI) of $519,659, resulting in an attractive 7.48% capitalization rate. The asking price is $6,950,000. Recent capital improvements include a new boiler and burner, upgraded water and waste lines, storm drain improvements, a new RPZ valve, various unit renovations, and roof and pointing repairs. The building is zoned R8 and benefits from an additional 24,071 square feet of air rights. Conveniently located near the B & D subway lines at Fordham Road (4-minute commute) and the 4 train at East 183rd Street (6-minute walk), the property also enjoys proximity to Fordham University (15-minute walk). Average unit rents are $1,331, with potential for further rental income growth. This stabilized investment offers a compelling combination of strong cash flow, significant upside potential, and a prime location in a rapidly developing area.

Location Insight

City

The Bronx

County

Bronx

State

New York

Latitude

40.8597

Longitude

-73.8998

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