5930 Spencer AveThe Bronx, NY 10471

Property Details for 5930 Spencer Ave

Year built

1928

Lot size

0.07 AC

Property size (Sq ft)

3,780 SF

Zone code

R3A

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

05866-0438

APU

58660438

Description

Exceptional investment opportunity awaits in the Bronx with this legal five-family apartment building. This well-maintained, two-story brick building, constructed in 1927, offers 3,780 square feet of living space situated on a corner lot. The property features five free-market, two-bedroom units, each offering ample space for residents. Adding to its appeal is a detached two-car garage, a convenient driveway, and dedicated storage space for added convenience. The building boasts updated mechanics, approximately ten years old, ensuring efficient operation and ease of management. Six individual gas and electric meters provide precise utility tracking. Four of the five units will be delivered vacant, presenting immediate potential for rental income generation. The property is zoned R3A and enjoys a prime residential location, providing easy access to local amenities and public transportation. With a strong NOI of $110,678 and a cap rate of 6.51%, this property presents a rare chance to acquire a well-maintained multifamily building with significant potential for long-term appreciation and strong rental income. The asking price is $1,699,000, translating to $339,800 per unit and $449.47 per square foot. This is a truly remarkable opportunity for discerning investors seeking a stable and profitable investment in a desirable Bronx location.

• CAP approach

  CAP return

  Valuation

  6%

  $774,934

  6.5%

  $715,324

  7%

  $664,229

• Comparable approach

  Method

  Valuation

  Relative Method

  $765,537

  Geo Method

  $765,537

• Alternative Use

  Use

  Valuation

  Residential

  $715,324

  Hospitality

  $655,233

  Educational

  $545,146

  Medical

  $563,894

  Retail

  $848,005

Location Insight

City

Bronx

County

Bronx

State

New York

Latitude

40.9075

Longitude

-73.8991

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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