2048 Mapes Ave The Bronx, NY 10460
- Apartment buildings
- 11,748 SF
- 0.11 lot acres
Current Use by Public Records
- Apartment buildings
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.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $3,135,000
- ML approach
- $3,300,000
-
CAP approach
- CAP Return
- Estimation
- 6%
- $4,505,000
- 6.5%
- $4,160,000
- 7%
- $3,860,000
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Location Insight
- Map
- Local Demand
- 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
