707 189Th StThe Bronx, NY 10458

Property Details for 707 189Th St

Year built

1931

Lot size

0.04 AC

Property size (Sq ft)

3,675 SF

Zone code

R6

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

03091-0097

APU

30910097

Description

This exceptional 5-unit multifamily property, located in the desirable Belmont section of the Bronx, presents a compelling investment opportunity. Boasting a 7% cap rate and a strong $80,000 NOI, this 100% occupied building offers immediate cash flow. The property features a mix of studio, one-bedroom, and two-bedroom apartments, totaling 10 beds across 3,675 net rentable square feet within a 4,500 square foot building. Renovated in 2015, this three-story building, constructed in 1931, includes a finished walk-out basement and three off-street parking spaces. Its prime location near Arthur Avenue (Little Italy), Fordham University, and the Bronx Zoo ensures high demand and rental stability. The property is zoned C81 and currently operates as free-market apartments, presenting significant potential for rent increases or conversion to student housing given its proximity to Fordham University. The building is free of violations and arrears, offering a clean and quiet living environment for tenants. This is a rare opportunity to acquire a well-maintained, high-performing multifamily asset in a rapidly appreciating area. The asking price is $1,150,000.

• CAP approach

  CAP return

  Valuation

  6%

  $753,408

  6.5%

  $695,454

  7%

  $645,778

• Comparable approach

  Method

  Valuation

  Relative Method

  $744,272

  Geo Method

  $744,272

• Alternative Use

  Use

  Valuation

  Residential

  $695,454

  Hospitality

  $637,032

  Educational

  $530,003

  Medical

  $548,231

  Retail

  $824,449

Location Insight

City

Bronx

County

Bronx

State

New York

Latitude

40.8564

Longitude

-73.8832

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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