318 160th St Bronx, NY 10451-4301

This exceptional investment opportunity presents a well-maintained, 8-unit apartment building located at 318 E 160th Street in the Melrose neighborhood of the Bronx, New York. The property, built in 1931, boasts 6,060 square feet across four stories in a walk-up configuration. Currently generating a Net Operating Income (NOI) of $82,837, resulting in a 7.00% capitalization rate, this property offers a compelling return on investment. The asking price is $1,200,000, translating to $150,000 per unit and $198.02 per square foot. The building sits on a 2,475 square foot lot and is zoned R7-2, allowing for significant potential future development. This zoning permits residential development with a Floor Area Ratio (FAR) of 3.44, yielding 8,514 buildable square feet, and also allows for Community Facility development with an FAR of 6.5, resulting in 16,088 buildable square feet. The property's prime location offers convenient access to public transportation, including proximity to the 161st Street-Yankee Stadium station (4 train), connecting residents to other parts of the Bronx and Manhattan. The vibrant Melrose neighborhood provides residents with nearby shopping, dining, and other amenities. This property is an ideal investment for those seeking stable rental income and future appreciation potential within a rapidly growing area. The building's dimensions are approximately 25' x 65'.