Mixed-Use

980-982 Intervale Avenue

980 Intervale Ave, The Bronx, NY 10459

Listing Price: $2,250,000

Cap Rate
5.90%
Number of Units
6
Price/Unit
$375,000
Price/Gross SF
$401.57
Gross SF
5,603

Investment Overview

Marcus & Millichap is pleased to offer for sale on an exclusive basis 980-982 Intervale Avenue in the Bronx, New York (Block: 2704 / Lot: 5 & 6).
The sale consists of two buildings, 980 Intervale Avenue which is 3 residential apartments over one retail store, and 982 Intervale Avenue which is two family residential apartments.
The property is steps away from the (2&5) Intervale Avenue subway station which allows tenants and residents in the area to get to the Midtown Manhattan Grand Central station within 25 minutes commute.
The total lot size is 3,114 square feet, and the zoning is R7-1 with C2-4 Commercial overlay, with 5,250 square feet of air rights, and the property falls within an opportunity zone.
This is a value-add opportunity where all residential units are free market, and it is not legally bound by any limitations, and it had 100 percent collection rate throughout the Covid-19 Pandemic
The new owner can convert the 982 Intervale Avenue from two into four apartments and double the cash flow, and still will not be legally bound by any rent regulations.

Investment Highlights

  • Excellent cash-flow in place.
  • Steps from 2&5 Intervale Ave subway station.
  • Property is within opportunity zone.
  • Future upside in splitting the large apartments.
  • Zoned R7-1 C2-4 with 5,250 sf of air rights.
  • Residential units are not bound by any rent regulations.

Exclusively Listed By

  • Said Boukhalfa

    Licensed Associate Real Estate Broker

    (212) 430-5149

    Email Said

    License(s): NY: 30BO1115908

    Manhattan

  • Willie Jalboukh

    Licensed Associate Real Estate Broker

    (212) 430-6154

    Email Willie

    License(s): NY: 10401247199, NY: 10301218139

    Manhattan

Listing Price: $2,250,000

Cap Rate
5.90%
Number of Units
6
Price/Unit
$375,000
Price/Gross SF
$401.57
Gross SF
5,603

Investment Highlights

  • Excellent cash-flow in place.
  • Steps from 2&5 Intervale Ave subway station.
  • Property is within opportunity zone.
  • Future upside in splitting the large apartments.
  • Zoned R7-1 C2-4 with 5,250 sf of air rights.
  • Residential units are not bound by any rent regulations.

Investment Overview

Marcus & Millichap is pleased to offer for sale on an exclusive basis 980-982 Intervale Avenue in the Bronx, New York (Block: 2704 / Lot: 5 & 6).
The sale consists of two buildings, 980 Intervale Avenue which is 3 residential apartments over one retail store, and 982 Intervale Avenue which is two family residential apartments.
The property is steps away from the (2&5) Intervale Avenue subway station which allows tenants and residents in the area to get to the Midtown Manhattan Grand Central station within 25 minutes commute.
The total lot size is 3,114 square feet, and the zoning is R7-1 with C2-4 Commercial overlay, with 5,250 square feet of air rights, and the property falls within an opportunity zone.
This is a value-add opportunity where all residential units are free market, and it is not legally bound by any limitations, and it had 100 percent collection rate throughout the Covid-19 Pandemic
The new owner can convert the 982 Intervale Avenue from two into four apartments and double the cash flow, and still will not be legally bound by any rent regulations.

Exclusively Listed By

  • Said Boukhalfa

    Licensed Associate Real Estate Broker

    (212) 430-5149

    Email Said

    License(s): NY: 30BO1115908

    Manhattan

  • Willie Jalboukh

    Licensed Associate Real Estate Broker

    (212) 430-6154

    Email Willie

    License(s): NY: 10401247199, NY: 10301218139

    Manhattan

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