Development Site With Income For Sale by Owner

1908 Cross Bronx Service Road South, Bronx, NY

$2,500,000

Price

$106,529

NOI

3,250 sqft

Building Size

Gallery
Street
Map
Overview
NOI
$106,529
Building Size
3,250 sqft
Lot Area
6,750 sqft
Occupancy
100%
Units
3
Year Built
1925
Zoning
R6 / C1-2
Tenancy
Multiple
Description

Property is a 22,000 square foot buildable potential development site currently producing income.

Located next to Hugh J. Grant Circle shopping and transit hub on the south side of East 177th Street between Newbold Avenue and Hugh J. Grant Circle. One story retail building fully occupied with 3 commercial tenants:
Pay-O-Matic Check Cashing Store - Monthly rent is $6,192 with 3% annual escalations, lease expires on 11/13/2027 with a 5 year renewal option
VIP Barber Shop & Spa LLC: Monthly rent is $2,654 with 2% annual escalations, lease expires 06/30/2030
Manny's Unisex: Monthly rent is $3,068 with 3% annual escalations, lease expires 12/13/2024

There is an existing mortgage of $706K on the property with an interest rate of 4%. It has a 30-year term and is currently with Flushing Bank. The loan is set to expire in December of 2024. However, there is an option to renew it for another 5 years at the prevailing rate.

Documents
Title
Survey_1908-1914_E._177th_Street__08-17-22.pdf
* Documents permissions are set by the listing owner, request information to access locked documents.
Location
Gallery