About this home

Calling all investors and cash buyers: a rare deep-value opportunity in the Mount Hope section of the Bronx, offered at $799,999. This extra-large brick legal three-family, built in 1899 and comprising approximately 3,008 square feet on an approximately 1,925 square foot lot, presents an experienced operator with both an immediate repositioning play and meaningful long-term development upside. The building offers generously proportioned layouts with abundant closet space and storage throughout, four electric meters and three gas meters, a full above-ground walk-out finished basement with its own separate entrance, and a large fenced rear yard. The location is a genuine asset in its own right: with a Walk Score of 92, the property sits within steps of the Grand Concourse, multiple subway lines and bus routes, and is only minutes from the Cross Bronx Expressway and the Major Deegan, in a corridor that continues to draw sustained rental demand and investor interest. The zoning is where this opportunity distinguishes itself. The property is zoned R7-1, which permits a maximum residential floor area ratio of approximately 3.44 - supporting on the order of 6,600 square feet of as-of-right residential floor area against roughly 3,008 square feet built today. That leaves approximately 3,600 square feet of unused development rights and a credible path to a materially larger unit count through enlargement or conversion, subject to Department of Buildings approval. A community facility FAR of 4.80 provides an alternate use for buyers pursuing that route. Prospective purchasers are advised to independently verify all zoning, floor area ratio, lot dimensions, and buildable area with their own architect and expeditor. The property is being sold strictly as-is and is delivered fully occupied with non-paying tenants. The building is enrolled in the New York City Department of Housing Preservation and Development's Alternative Enforcement Program (AEP). All open housing maintenance code violations, HPD and Department of Finance emergency repair charges and liens, and the resolution of all existing tenancies convey to the buyer at closing. Buyers are directed to conduct their own independent due diligence with respect to violations, outstanding municipal charges, and rent-regulatory status, and to consult their own counsel accordingly. There is no interior access under any circumstances. Please do not disturb the tenants. Cash or hard money only; this property is not eligible for conventional or FHA financing. Proof of funds is required with all offers. Serious, experienced investors only. All information is deemed reliable but is not guaranteed and should be independently verified.

Highlights

Location