• Asking Price $9,250,000

  • 231 East 167th Street Bronx, NY 10456

  • Other / Resale (MLS)
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Property Details for 231 East 167th Street, Bronx, NY 10456

Facts

  • Year Built: 01/01/1938
  • Property ID: 920162006
  • MLS Number: 11320369
  • Property Type: Other
  • County: BRONX
  • Listing Status: Active

Sale Type

This is an MLS listing, meaning the property is represented by a real estate broker, who has contracted with the home owner to sell the home.

Description

This listing is NOT a foreclosure. 231 E 167th Street is a 10,000 square foot single-story building situated on a 10,000 square foot lot. This property falls under R7-1, C1-4 zoning on a wide street, allowing for a diverse range of commercial and residential developments. Currently, the building is 88% leased with five robust retail tenants, contributing to a stable and high-performing investment opportunity. Financially, the property presents a strong profile with an average rent per square foot of $63.70 and an average annual rent increase of 3%. The average lease term amongst the tenants stands at 7 years, underscoring tenant stability and consistent cash flow. The property is advantaged by its zoning, which supports a buildable square footage of 40,000 for residential purposes and 48,000 for community facility use, offering significant future development potential. Located just two blocks from the East 167th Street/Grand Concourse B and D subway stop, 231 East 167th Street benefits from high pedestrian traffic and excellent accessibility, enhancing its value as a retail destination. This property represents an exceptional opportunity for investors seeking a low-maintenance, high-yield asset with potential for future growth and development in a prime urban location.

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Property Brokerage: Landair Property Advisors, LLC 224 W 30th Street Suite 301 New York NY 10001
Copyright © 2024 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.


All information provided is deemed reliable, but is not guaranteed and should be independently verified.

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