1348 Fulton Ave The Bronx, NY 10456

This exceptional 5,175 square foot development site in the Bronx, located at 1348 Fulton Avenue, presents a compelling investment opportunity. Zoned R6 NS, the property boasts a 25' x 205' lot, offering approximately 11,385 buildable square feet as-of-right. Its strategic location, just 0.9 miles from the 167th Street subway station, provides convenient access to Manhattan. Currently generating $67,032 in gross annual income from two month-to-month tenants, the property can be delivered vacant, allowing for immediate development. The substantial lot size allows for the construction of a six-story building with an estimated 16 residential units. Further enhancing its appeal, the property is eligible for the 485-x tax abatement under the ANNY program, providing significant tax incentives for developers focused on rental housing. This site is ideally suited for developers or investors seeking to capitalize on the burgeoning real estate market in the Bronx. The property's potential for high-density residential development, combined with the available tax benefits, makes this a truly unique and attractive investment prospect. The current tenants are on month-to-month leases, allowing for flexibility in the timeline for development.