788 Tremont Ave Bronx, NY 10460-4101

Property Details for 788 Tremont Ave

Year built

1924

Lot size

0.06 lot acres

Property size

4,250 SF

Zone code

C44A

Property type

Retail residential properties

APN

02956-0016

APU

29560016

Description

This exceptional investment opportunity presents a three-story, 5,435 square foot retail building situated at 788 E Tremont Ave in the Bronx, NY 10460. Currently boasting 100% occupancy with seven tenants, including six ground floor retail spaces and a second and third-floor embroidery shop, this property offers a strong, stabilized income stream. The ground floor features 25 feet of frontage on E Tremont Avenue, a prime retail corridor in the Tremont neighborhood, surrounded by established businesses such as Dunkin Donuts, Foot Locker, and Chase Bank. The building sits on a 2,500 square foot lot zoned C4-4A/R7A, allowing for a 4.0 FAR and a total buildable square footage of 10,000 square feet. Significant upside potential exists with 4,565 square feet of air rights and R7A zoning permitting a potential conversion of the upper floors to residential use. The lower level is currently being developed into five individual storage units, adding further revenue streams. The property features recently converted electric heat, with existing gas meters for future flexibility. This is a rare chance to acquire a multi-tenant retail asset in a thriving Bronx neighborhood, offering a current cap rate of 7.84% (NOI $186,484) and a pro-forma cap rate of 8.32% (Pro-Forma NOI $197,902). The asking price is $2,380,000 ($437.90/sq ft). The building was constructed in 1924 and consists of one building with three stories.

Location Insight

City

Bronx

County

Bronx

State

New York

Longitude

-73.8883

Latitude

40.8437

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments