2048 Mapes Ave The, Bronx, NY 10460

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.