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    1619 Melville St Bronx, NY 10460

    For Sale
    $1,200,000

    Prime 4-unit, fully renovated building.

    Property size:
    2,800 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    368
    This exceptional investment opportunity presents a meticulously renovated four-unit apartment building located at 1619 Melville St, Bronx, NY 10460. This Class A property boasts a total of 2,800 square feet across two buildings situated on a 2,500 square foot lot, zoned R5. Built in 1915 and completely renovated in 2023, the property features four apartments: a one-bedroom, one-bathroom unit over a studio in the front building, and two additional one-bedroom, one-bathroom units in the rear building. Each unit benefits from updated kitchens and bathrooms, gleaming hardwood floors, and modern amenities. The comprehensive renovation included new electrical and plumbing systems, a new on-demand water heater and boiler, and fresh stucco exteriors. The property generates a strong net operating income (NOI) of $65,000, with tenants responsible for all utilities. Priced at $1,200,000 ($428.57 per square foot and $300,000 per unit), this property offers a compelling return on investment in a desirable Morris Park location with convenient access to transportation. This unique offering presents two homes on a single lot, making it an ideal investment for owner-users or seasoned investors seeking a high-performing asset in a thriving Bronx neighborhood.

    Property Features for 1619 Melville St

    General Information

    Property type
    Multifamily properties
    Square Feet
    2,800 SF
    Class
    A

    Building Details

    Year Built/Renovated
    1915/2023
    Buildings
    2
    Stories
    2
    Units
    4

    HighLights

    • Close proximity to all transportation.
    • Fully renovated in 2023.
    • Tenants pay all utilities.
    • Two buildings on one 2,500 sq ft lot.
    Property Profile Insight Report 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
    Bronx
    County
    Bronx
    State
    New York
    Longitude
    -73.8686763
    Latitude
    40.8407755

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    FAQs

    What type of property is this?
    Multifamily property - Prime 4-unit, fully renovated building.
    Where is this multifamily property located?
    The property is located at 1619 Melville St Bronx, NY.
    What is the asking price?
    The asking price for this property is $1,200,000.
    What are key features of this property?
    This property features: Close proximity to all transportation.; Fully renovated in 2023.; Tenants pay all utilities.
    Request Owner's contact information
    1619 Melville St 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
    1619 Melville St Bronx, NY 10460
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