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    2048 Mapes Ave The Bronx, NY 10460

    Sponsored
    For Sale
    $3,700,000

    26-Unit Apartment Building, High ROI

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    398
    This exceptional investment opportunity presents a 26-unit multifamily apartment building located in the vibrant Crotona neighborhood of The Bronx, New York. The property comprises two buildings, each featuring 13 units, situated on a combined 9,570 square foot lot (33 ft x 145 ft). Each building measures 33 ft x 89 ft, offering a total of approximately 11,748 square feet of existing building space. The property boasts a remarkable 100% occupancy rate, generating a strong Net Operating Income (NOI) of $374,810 and a compelling 10.13% capitalization rate. Built in 1931, the four-story buildings are zoned R7-1, presenting significant potential for future development due to approximately 32,972 square feet of available air rights. Conveniently located within walking distance of the 2 and 5 subway lines, this property offers investors a rare combination of strong current income and substantial upside potential. The asking price is $3,700,000. This is a turnkey investment ready to generate immediate returns. The property's strong performance, prime location, and significant air rights make it an ideal addition to any portfolio.

    Property Features for 2048 Mapes Ave

    General Information

    Property type
    Multifamily properties

    Building Details

    Year Built
    1931
    Buildings
    2
    Stories
    4
    Units
    26

    HighLights

    • Exclusive listing: 2048 & 2052 Mapes Ave, Bronx, NY.
    • 26‑unit multifamily apartment building with 13 units per building.
    • Each building is 33 ft x 89 ft on a combined 33 ft x 145 ft lot.
    • Substantial air rights: approximately 32,972 sq ft, R7‑1 zoning.
    • Excellent location: walking distance to the 2 & 5 subway lines.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon Food Market Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    The Bronx
    County
    Bronx
    State
    New York
    Longitude
    -73.886372772196
    Latitude
    40.845643149103

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    FAQs

    What type of property is this?
    Multifamily property - 26-Unit Apartment Building, High ROI
    Where is this multifamily property located?
    The property is located at 2048 Mapes Ave The Bronx, NY.
    What is the asking price?
    The asking price for this property is $3,700,000.
    What are key features of this property?
    This property features: Exclusive listing: 2048 & 2052 Mapes Ave, Bronx, NY.; 26-unit multifamily apartment building with 13 units per building.; Each building is 33 ft x 89 ft on a combined 33 ft x 145 ft lot.
    Request Owner's contact information
    2048 Mapes Ave The Bronx, NY 10460
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    2048 Mapes Ave The Bronx, NY 10460
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