This Unit Is Not Available (Sold)
1030 Summit Avenue
Sold
Multi-Family House
•
Bronx
Web ID # 16325
$ 775,000
2 Families • 7 Beds • 2 Baths • 2,808 ft2
Tax (Monthly):
$166
Building & Unit Features
1030 Summit Avenue, Bronx NY 10452
Showings are by appointment - please contact the listing brokerage Harlem Lofts for your private tour.Buy and Hold at 8.5% or 10.0% (!) while waiting for the south Bronx values to increase even more with the ongoing Mott Haven/ South Bronx development activity!
The current layout at 1030 Summit Avenue is optimal for rental income with a legal 2 family Certif. of Occ., newly renovated boutique apartments, 6-7 bedrooms total, and a garage that can easily be rented separately! Projected Capitalization Rate (Cap rate) in current configuration:
8.5% CAP Rate based on free market rents
10.0% (!) CAP rate based on institutional/NYC rents
Please see the two Pro Forma documents in the linked Due Diligence folder below for additional details.
If used as a development site for a new rental building, the lot has a maximum Buildable Square Footage of 8,600 BSF and potential CAP rate of 8.5% following construction/holding costs. As development activity in the South Bronx increases, the value of the property and return on investment will also increase!
1030 Summit Avenue is located close to Yankee Stadium and the Macombs Dam and Joyce Kilmer Parks, and a short five-minute drive across the Macombs Dam Bridge into Manhattan. The 4, B and D subway lines are just an easy stroll away.
This property represents an outstanding opportunity for an Owner-Landlord or Investor. Contact the listing broker Harlem Lofts Inc today for your private showing!
Parking:
Indoor
Floor: 3
Stories: 3
Units: 2
Building Size: 2808
Total Rooms: 13
