2218 Jerome AveThe Bronx, NY 10453

Property Details for 2218 Jerome Ave

Year built

1928

Lot size

0.34 AC

Property size (Sq ft)

29,600 SF

Zone code

R7A

Property type

Auto shops

APN

03186-0017

APU

31860017

Description

This exceptional 29,600 square foot commercial land parcel at 2218 Jerome Avenue in the Bronx, New York (zip code 10453), presents a unique investment opportunity. The property is zoned R7A/C2-4/J, offering significant flexibility for development. Currently vacant, the site allows for immediate project commencement. The existing structure, a fully renovated two-story building, could be repurposed or demolished to maximize the buildable area. A significant advantage is the availability of an additional 30,000 square feet of buildable air rights, increasing the total buildable square footage to an impressive 59,600 square feet. This substantial increase in potential development significantly enhances the property's value and potential return on investment. Located in Bronx County, New York, this site benefits from its strategic location within a dynamic and growing area. The asking price for this remarkable development opportunity is $10,450,000. This property is ideal for developers seeking a large-scale project with considerable upside potential in a thriving New York City borough. The zoning allows for a wide range of commercial and residential uses, making it an attractive proposition for various development scenarios. Don't miss this chance to acquire a prime piece of Bronx real estate.

• CAP approach

  CAP return

  Valuation

  6%

  $7,193,834

  6.5%

  $6,640,462

  7%

  $6,166,143

• Comparable approach

  Method

  Valuation

  Relative Method

  $9,746,191

  Geo Method

  $9,746,191

• Alternative Use

  Use

  Valuation

  Residential

  $5,601,478

  Hospitality

  $5,130,924

  Educational

  $4,268,868

  Medical

  $4,415,681

  Retail

  $6,640,462

Location Insight

City

Bronx

County

Bronx

State

New York

Latitude

40.857

Longitude

-73.9044

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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