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~7,192 SF LOT BUILT FULL – R6, C2-4 2596-2598 Third Ave
7,660 SF 41% Leased Office Building Bronx, NY 10454 £2,745,435 (£358/SF) 6.90% Net Initial Yield
Investment Highlights
- 7,192 Sq. Ft. Corner Lot Built Full in Mott Haven.
- Projected 6.9% Cap Rate.
- Potentialfor Assemblage with Neighboring Lots.
- Zoned R6, C2-4 Wide Street.~21,576 Residential BSF. ~34,521 Community Facility BSF.
- Recently renovated, delivered in excellent condition. Last tenanted by Columbia University.
Executive Summary
Significant renovations completed in 2015 include roof, electricals, HVAC systems and plumbing. These improvements have fortified the property’s infrastructure and aesthetic appeal. The property stands to substantially appreciate in value with the right ownership strategy. There are (4) medical office suites that have been fully built out, as well as a basement with ~12 Ft ceilings that can be rented separately.
The financial profile of the property is attractive as it will be delivered vacant. The corner location and finished buildout should allow you to attract high tenant interest. Projections are for the (4) units and basement to generate roughly $380,000 in gross income annually.
In addition to the valuable structure currently on the property, it is also advantaged by its zoning and corner lot appeal, which would allow the purchaser to immediately file plans for a 21,576 Sq. Ft. Residential building (34,521 Sq. Ft. with Community Facility).
Located just .1 Miles from the 138th Street 3 rd Avenue 6 Train subway stop, 2598 Third Avenue benefits from high pedestrian traffic and excellent accessibility, enhancing its value as a medical office building and redevelopment project. This property represents an exceptional opportunity for investors seeking a low-maintenance, high-yield asset mwith potential for future growth and development in a prime urban location.
Property Facts
Amenities
- 24 Hour Access
Space Availability
- Space
- Size
- Space Use
- Condition
- Available
Space is divisible to 1500 square feet. It is a second generation medical office space previously occupied by a MRI facility. The space is fully built out and features 10 private office/patient rooms, a patient waiting room, upgraded electrical systems and lead lines ready for MRI equipment and a staff and patient reception area. An additional 1,500 SF of use-able basement space for storage is included in the rental rate. The space previously held services such as MRI, CT Scan, Digital X-Ray, Digital Mammography, Ultrasound and Bone Densitometry.
| Space | Size | Space Use | Condition | Available |
| 1st Floor | 1,500-4,500 SF | Office/Medical | Full Build-Out | Now |
1st Floor
| Size |
| 1,500-4,500 SF |
| Space Use |
| Office/Medical |
| Condition |
| Full Build-Out |
| Available |
| Now |
1st Floor
| Size | 1,500-4,500 SF |
| Space Use | Office/Medical |
| Condition | Full Build-Out |
| Available | Now |
Space is divisible to 1500 square feet. It is a second generation medical office space previously occupied by a MRI facility. The space is fully built out and features 10 private office/patient rooms, a patient waiting room, upgraded electrical systems and lead lines ready for MRI equipment and a staff and patient reception area. An additional 1,500 SF of use-able basement space for storage is included in the rental rate. The space previously held services such as MRI, CT Scan, Digital X-Ray, Digital Mammography, Ultrasound and Bone Densitometry.
PROPERTY TAXES
| Parcel Number | 02314-0054 | Improvements Assessment | £427,041 |
| Land Assessment | £253,796 | Total Assessment | £680,837 |
PROPERTY TAXES
-
Alexandre Goulet -
Anand Melwani -
Tony Yu -
Landair Property Advisors
Presented by
~7,192 SF LOT BUILT FULL – R6, C2-4 | 2596-2598 Third Ave
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