1697 Jerome Ave The Bronx, NY 10453

This exceptional Class A mixed-use property, located at 1697 Jerome Avenue in the Bronx, NY 10453, presents a compelling investment opportunity. The 2,000 square foot building, constructed and renovated in 2016, boasts a total of 4,000 net rentable square feet across three floors and includes 3,900 square feet of air rights. The property features one retail unit currently leased for $3,500 per month on a five-year term, and two vacant, newly renovated three-bedroom apartments on the second and third floors, each projecting a monthly rent of approximately $3,300 and $3,350 respectively. The building has separate heating systems for each unit. The property's current occupancy is 50%, with full occupancy projected by December 10, 2024. Based on the current income and expenses, the property shows a Net Operating Income (NOI) of $111,087, resulting in a current cap rate of 9.00% and a pro-forma cap rate of 8.21%. Annual expenses include real estate taxes of $4,313, water costs of $1,800, utilities of $600, insurance of $2,500, and superintendent fees of $1,500. The asking price for this stabilized investment is $1,400,000. The building is a three-story structure situated on a single lot and is zoned C8-3.