Overview

Description

Ariel Property Advisors is pleased to present 724 Elton Avenue, a four-story conversion opportunity with a viable parking lot and 467 East 155th Street. 724 Elton Avenue & 467 East 155th Street are located in the heart of The HUB situated on the corner of East 155th Street and Elton Avenue. 724 Elton Avenue is perfectly located in the retail, theater, and restaurant heart of the South Bronx, better known as - The HUB. Being one of the oldest shopping and commercial corridors in the Bronx, The HUB has also been called “The Broadway of the Bronx"

The property is currently a four-story 11,200 square foot building with a parking lot on the site along with a 330 square foot parking garage on East 155th Street. 724 Elton Avenue consists of four floor-through units with the ground floor being leased to a retail healthcare tenant, which has a lease until 2025 and an annual income of $68,000. The remaining residential units in the building are currently vacant, leaving a tremendous amount of upside and creativity for an investor. 467 East 155th Street is a 330 square foot parking garage that provides access to the basement for additional parking. Favorable C4-4 zoning allows approximately 17,200 buildable square feet on as-of-right basis and 32,500 buildable square feet with community facility bonus. The property also has approximately 6,000 square feet of (as-of-right) air rights which are suitable for an addition of 2 floors to the existing building to either convert the entire building into a 44-room Hotel, residential building, or full commercial asset.

New construction projects in the proximity to 724 Elton Ave & 467 East 155th Street include the new retail development on 3rd Avenue as well as two recently built condominium towers. The property provides easy access to all the boroughs with the express 2/5 subway trains a short walk away.

Documents

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