611 161St St Bronx, NY 10456
- Apartment buildings
- 5,317 SF
- 0.06 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 611 161St St
- Year built
- 2008
- Lot size
- 0.06 lot acres
- Property size
- 5,317 SF
- Zone code
- R6
- Property type
- Apartment buildings
- APN
- 02627-0001
- APU
- 26270001
Description
This exceptional investment opportunity presents a 5,317 square foot property located at 611 E 161st St, Bronx, NY, situated on a 0.06-acre lot. The property, less than ten years old, offers significant potential for a savvy investor. All tenants are responsible for their own utilities, minimizing operational expenses for the owner. A substantial advantage is the presence of a long-term 421a tax abatement, providing a 25-year tax benefit. This translates to significant cost savings and enhanced profitability. The included land offers further development possibilities. The site could be easily converted into additional parking spaces to increase revenue or utilized for secure storage, catering to the needs of tenants or the surrounding community. This property is priced at $1,300,000 and represents a compelling investment opportunity in a growing area of the Bronx. The combination of a young building, long-term tax benefits, and the potential for land expansion makes this a rare find in the current market. Serious inquiries are encouraged.
Value Estimations
-
AI approach
- Method
- Estimation
- ML approach
- $240,000
-
Comparable approach
- Method
- Estimation
- AI Estimate
- $268,000
Market price range: $71.0k - $269k
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Location Insight
- Map
- Local Demand
- City
- Bronx
- County
- Bronx
- State
- New York
- Longitude
- -73.9081
- Latitude
- 40.8222
- CBSA code
- 35620
- CBSA name
- NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA
