2048 Mapes Ave The Bronx, NY 10460

Property Details for 2048 Mapes Ave

Year built

1911

Lot size

0.11 lot acres

Property size

11,748 SF

Zone code

R7-1

Property type

Apartment buildings

APN

03108-0002

APU

31080002

Description

This exceptional investment opportunity presents a 26-unit multifamily apartment building located in the vibrant Crotona neighborhood of The Bronx, New York. The property comprises two buildings, each featuring 13 units, situated on a combined 9,570 square foot lot (33 ft x 145 ft). Each building measures 33 ft x 89 ft, offering a total of approximately 11,748 square feet of existing building space. The property boasts a remarkable 100% occupancy rate, generating a strong Net Operating Income (NOI) of $374,810 and a compelling 10.13% capitalization rate. Built in 1931, the four-story buildings are zoned R7-1, presenting significant potential for future development due to approximately 32,972 square feet of available air rights. Conveniently located within walking distance of the 2 and 5 subway lines, this property offers investors a rare combination of strong current income and substantial upside potential. The asking price is $3,700,000. This is a turnkey investment ready to generate immediate returns. The property's strong performance, prime location, and significant air rights make it an ideal addition to any portfolio.

Location Insight

City

Bronx

County

Bronx

State

New York

Longitude

-73.8861

Latitude

40.8455

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments