Current Use by Public Records
- Apartment buildings
Property Details for 58 Bruce Ave
- Year built
- 1925
- Lot size
- 0.05 lot acres
- Property type
- Apartment buildings
Description
This exceptional 15-unit apartment building presents a compelling investment opportunity in Yonkers, NY. Located at 58 Bruce Ave, this five-story, walk-up building boasts 11,870 square feet on a 0.05-acre corner lot, zoned Code A. The property, constructed in 1925 and extensively renovated in 2023, includes 8 two-bedroom units (850 sq ft each), 6 one-bedroom units (550 sq ft each), and a ground-level retail storefront. Recent upgrades encompass a new 50-year roof, new gas and oil boiler, and two new hot water heaters. The building's current NOI is $268,036, yielding a 9.27% cap rate at an asking price of $2,890,000 ($192,667 per unit and $243.47 per square foot). Seven units are renovated (four rented, three vacant), two are unrenovated (one rented, one vacant), and five are currently under construction. The retail space is currently rented but not renovated. Separate utilities (gas and electric) are provided for each apartment, while the owner covers heat, hot water, water, and waste removal. The legally verified allowable rent for 2024 is $346,752. This property offers a blend of immediate income and significant upside potential through the completion of renovations and lease-ups. The detailed profit and loss statement is available upon request. This is a prime opportunity for an owner-user or investor seeking a strong return in a desirable Westchester County location.
Value Estimations
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Yonkers
- County
- Westchester
- State
- New York
- Longitude
- -73.8955
- Latitude
- 40.9157
