3848 Bailey Ave The Bronx, NY 10463
- Commercial real estate
Current Use by Public Records
- Commercial real estate
Property Details for 3848 Bailey Ave
- Property type
- Commercial real estate
Description
This exceptional development opportunity in the Bronx, New York, presents a 3,134 square foot lot zoned R7-1 Wide Street, offering a significant 12,536 buildable square feet as-of-right. The property, located at 3848 Bailey Avenue, is conveniently situated just 0.3 miles from the 238th Street subway station, providing easy access to Manhattan. Currently improved with a vacant two-family dwelling, the site is ready for immediate development. The deep and wide lot (27.37' x 115') allows for the construction of an eight-story building with an estimated 18 residential units. This project is further enhanced by eligibility for the 485-x tax abatement under the Affordable Neighborhoods for New Yorkers (ANNY) program, providing substantial tax incentives for developers focused on rental housing. The strong residential market in Kingsbridge and the potential for significant returns make this a compelling investment for developers and investors seeking to capitalize on the Bronx's growth. The asking price is $1,150,000.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- The Bronx
- County
- Bronx
- State
- New York
- Longitude
- -73.896054991997
- Latitude
- 40.885237273445
