2665 Grand Concourse The The Bronx, NY 10468

Property Details for 2665 Grand Concourse The

Year built

1922

Property size

150,000 SF

Property type

Retail properties

Property subtype

Office Properties & Spaces

Description

This exceptional nine-story, 150,000 square foot mixed-use building, located at 2665 Grand Concourse in the Fordham section of The Bronx, presents a compelling investment opportunity. The property boasts 117 units, comprising 114 residential apartments (including two penthouse suites) and three commercial spaces, all within a single building. Built in 1922, the structure features a striking steel and glass entrance, two elevators, and a spacious marble-tiled lobby with columns. Security is enhanced by a 40-camera system and an intercom system. The building's infrastructure includes copper plumbing, a rubber roof, a rooftop water tank, and a well-maintained boiler (installed in 1980) supported by two 5,000-gallon oil tanks (#2 oil). Verizon and Optimum services are available throughout, with all meters located in the basement for convenience, and commercial tenants benefit from individual water meters. A laundry room equipped with seven washers and six dryers (under contract with Hercules) adds to the property's income stream. Residential units feature high ceilings and recent renovations, including modern stainless steel appliances. The property is zoned R8, C1-3, offering flexibility for future development. The asking price is $12,500,000, representing a price per unit of $107,000 and a price per square foot of $83. The property's strong performance is reflected in its Net Operating Income (NOI) of $958,848 and a 7.67% capitalization rate. This is a rare opportunity to acquire a well-maintained, income-producing asset in a desirable Bronx location. The property's APN is 03314-0065.

Location Insight

City

The Bronx

County

Bronx

State

New York

Longitude

-73.8936

Latitude

40.8663