591 Van Nest Avenue, Bronx, NY 10460
- $849,999
- List Price
- $849,999
- Price Change
- ▼ $25,000 1783814571
- Days on Market
- 35
- MLS#
- 1019151
- Status
- ACTIVE
- Lot Size
- 2375
Property Description
VALUE-ADD SIX-UNIT RENT-STABILIZED MULTIFAMILY INVESTMENT OPPORTUNITY Six-unit brick multifamily building in the Van Nest section of the Bronx, currently generating approximately $8,200 per month in rental income. The property offers significant long-term upside through the correction of existing building conditions, legal rent growth, and completion of improvements already underway. The current owner has made substantial investments into the property, with approximately 23 of 36 cited violations addressed and awaiting official clearance. One apartment has been completely gutted and extensively renovated and is currently under a vacate order, with the remaining requirements nearing completion. Several apartments are currently rented below their legal regulated rents, offering potential for increased income over time for an experienced owner familiar with New York City rent stabilization regulations. The property is being offered AS IS and is best suited for an experienced multifamily investor seeking a value-add opportunity. Available documentation includes the rent roll, income and expense information, violation reports, and details of completed improvements. Serious investors are encouraged to review the property and documentation.
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Additional Information
- Year Built
- 1908
- School District
- Bronx 11
- Elementary School
- Ps/Ms 498 Van Nest Academy
- Middle School
- Jhs 127 Castle Hill (The)
- High School
- Bronx Academy Of Health Careers
- Taxes Total
- 18618
- Heating
- Natural Gas, Other
- Parking
- On Street
- Basement
- Walk-Out Access
- Water
- Public
- Sewer
- Public Sewer
- Taxes
- $18,618
Mortgage Calculator
Listing courtesy of Listing Agent: Amer F. Alsaidy (aalsaidy@cbamhomes.com) from Listing Office: Coldwell Banker American Homes.
Listings courtesy of OneKey® MLS as distributed by MLS GRID. Based on information submitted to the MLS GRID as of . All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.