644 Barretto St Bronx, NY 10474-6316

Property Details for 644 Barretto St

Year built

1930

Lot size

0.06 lot acres

Property size

4,322 SF

Zone code

R6

Property type

Apartment buildings

APN

02765-0249

APU

27650249

Description

This exceptional Class A, six-unit apartment building at 644 Barretto Street in the Bronx, New York, presents a compelling investment opportunity. The property boasts 4,332 square feet across three stories, featuring a diverse unit mix: one studio, one two-bedroom, two three-bedroom, and two four-bedroom apartments. Currently occupied, with Section 8 tenants averaging $3,230 per month in rent, the building generates a strong net operating income (NOI) of $161,850, resulting in a 7.90% cap rate. The asking price is $2,050,000, translating to $341,667 per unit. The property benefits from a protected 2A Tax Class, with annual taxes totaling $7,021. Additional income potential exists through the rental of vacant garage space. Located on a quiet, tree-lined street, the building is conveniently situated near neighborhood retail amenities. This high-growth area has seen significant recent development, including projects at 700 Manida Street, 720 Tiffany Street, and 661 Manida Street. The property is zoned R6 and includes 1,168 square feet of air rights. This is a rare opportunity to acquire a well-performing multifamily asset in a rapidly appreciating Bronx neighborhood.