350-354 E 193rd St

About this home

Rare opportunity to acquire two contiguous income-producing properties at 350 and 354 East 193rd Street, offered together for $1,890,000. The assemblage includes three residential units currently configured with 14 rentable rooms, three garage spaces, approximately 4,090 SF of existing building area and 8,658 SF of combined land. Current gross income is approximately $12,974 per month, or $155,688 annually, including $750 per month from the three garage spaces. Owner-reported operating expenses are approximately $34,200 annually, and 2026 real estate taxes are approximately $5,172 annually. Based on the reported income and expenses, net after seller-reported operating expenses and 2026 real estate taxes is approximately $116,316, indicating an estimated cap rate of about 6.15% at the current asking price. Current R4A zoning permits 1.0 FAR on standard zoning lots and up to 1.5 FAR for qualifying residential sites, subject to professional zoning verification. Preliminary discussions with land-use counsel indicate a potential pathway to R6B or R7B, subject to buyer verification and all required governmental approvals. Close proximity to Fordham University's Rose Hill campus positions the assemblage well for student-oriented housing demand. The properties are currently occupied and may be delivered vacant. Seller financing may be considered for qualified buyers.

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