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    Mott Haven Corner Lot Title is generated by Realmo AI

    2596 3rd Ave, Bronx, NY

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    7,192 Sq. Ft. corner lot in Mott Haven.

    Type:OFFICE
    Property size:
    7,192 SF
    Lot size:
    0.18 Acres
    Price / SF:
    $486/SF
    Added:
    Dec 11, 2024
    Days on Market:
    550
    Last Refresh:
    May 20 at 9:59 pm

    Property Features for 2596 3rd Ave

    General Information

    Standard status
    Active
    Size
    7,192 SF
    Lot size
    0.18 Acres
    Property subtype
    OFFICE

    We can help!

    Listing Contact
    Anand Melwani
    Anand Melwani

    Listing agent Anand Melwani

    Listing office Landair Property Advisors

    Listing date Dec 11, 2024

    Source Moodyscre

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Landair Property Advisors

    HighLights

    • High‑Density Zoning (R6, C2‑4) allows for significant residential (~21,576 BSF) and community facility (~34,521 BSF) development.
    • Projected 6.9% Cap Rate at Lease‑up indicates strong income potential.
    • Large 7,192 Sq. Ft. Corner Lot provides ample space and visibility.
    • Recently renovated and delivered in excellent condition, minimizing immediate capital expenditures.
    • Previous tenant was Columbia University, suggesting a desirable location and building quality.
    • Potential for Assemblage with Neighboring Lots offers expanded development opportunities.

    Overview

    This 7,192 square foot corner lot is located in Mott Haven. The property is zoned R6, C2-4 Wide Street, allowing for approximately 21,576 residential buildable square feet or approximately 34,521 community facility buildable square feet. The property was recently renovated and is delivered in excellent condition. It was last tenanted by Columbia University. The property offers potential for assemblage with neighboring lots. The projected capitalization rate at lease-up is 6.9%.

    Local Financial Insights For Office B

    Simulate Cap Rate and NOI

    NOI Build-Up
    Vacancy
    income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
    EGI (Effective Gross Income)
    gross rent minus vacancy losses — the realistic income before paying operating costs.
    OpEx (Operating Expenses)
    recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
    NOI (Net Operating Income)
    income a property generates after operating costs but before financing and taxes.

    Component $ $/SF
    Gross rent $302.1k $42.00
    − Vacancy −$61.9k −$8.61
    EGI $240.1k $33.39
    − OpEx −$60.0k −$8.35
    NOI $180.1k $25.04
    7,192 SF · lease $42.00/SF/yr · vacancy 20.50% · expense 25.00%

    Alternative Uses

    Best Use
    Office B
    $2.57M
    $2.25M – $3.00M (±1% cap)
    NOI $180,106 @ 7.0% cap · market cap 5.15%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Warehouse
    $4.98M
    $4.36M – $5.81M (±1% cap)
    NOI $348,849 @ 7.0% cap · market cap 9.97%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Office buildings

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Bronx
    County
    Bronx
    State
    New York
    Longitude
    -73.9255
    Latitude
    40.8119

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    FAQs

    What type of property is this?
    Office building - 7,192 Sq. Ft. corner lot in Mott Haven.
    Where is this office building located?
    The property is located at 2596 3rd Ave Bronx, NY.
    What is the asking price?
    The asking price for this property is $3,500,000.
    What are key features of this property?
    This property features: High‑Density Zoning (R6, C2‑4) allows for significant residential (~21,576 BSF) and community facility (~34,521 BSF) development.; Projected 6.9% Cap Rate at Lease‑up indicates strong income potential.; Large 7,192 Sq. Ft. Corner Lot provides ample space and visibility.
    (516) 658-1222 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Anand Melwani
    Anand Melwani
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