Multi Family 5+ in Bronx County
| MLS Number | 1019151 |
|---|---|
| Address | 591 Van Nest Avenue, Bronx, NY 10460 show map |
| Price | $849,999 show mortgage calculator |
| Acres | 0.054522497704316 |
| Year Built | 1908 |
| Est. Sq. Footage | 0 |
| Elementary School | Ps/Ms 498 Van Nest Academy |
| Jr High-Middle School | Jhs 127 Castle Hill (The) |
| High School | Bronx Academy Of Health Careers |
| Estimated Taxes | $18,618 |
| Total Apt Units | 6 |
VALUE-ADD SIX-UNIT RENT-STABILIZED MULTIFAMILY INVESTMENT OPPORTUNITY Six-unit brick multifamily building in the Van Nest section of the Bronx, currently generating approximately $8,200 per month in rental income. The property offers significant long-term upside through the correction of existing building conditions, legal rent growth, and completion of improvements already underway. The current owner has made substantial investments into the property, with approximately 23 of 36 cited violations addressed and awaiting official clearance. One apartment has been completely gutted and extensively renovated and is currently under a vacate order, with the remaining requirements nearing completion. Several apartments are currently rented below their legal regulated rents, offering potential for increased income over time for an experienced owner familiar with New York City rent stabilization regulations. The property is being offered AS IS and is best suited for an experienced multifamily investor seeking a value-add opportunity. Available documentation includes the rent roll, income and expense information, violation reports, and details of completed improvements. Serious investors are encouraged to review the property and documentation.
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