854 E 229th StreetBronx, NY 10466

Description

Double-track value: Keep the existing cash-flowing 3-family while planning and building a second 3-family on the same lot, creating two revenue streams and maximizing FAR for the parcel. Immediate income + upside: Existing tenants provide instant NOI while a new build captures additional long-term rental revenue or a quick value-add resale. - Scarce garage supply: Four private garages significantly boost unit desirability and rent premiums in the borough where off-street parking is rare. Economies of scale: Shared lot reduces acquisition costs per unit compared with buying separate properties; development costs concentrated on one parcel. Strong ROI potential: Below-market asking price for combined lot and build potential in R4 zoning presents clear opportunity for unit count expansion, rent growth after renovation, or a 2-property sale strategy. Flexible exit strategies: Hold for stabilized cash flow, renovate and increase rents, or develop and sell the new 3-family separately or as a package. A premier investment opportunity regarding a legal three-family brick home situated on a spacious lot. This property is ideally configured with a versatile layout featuring 4 bedrooms over 3 bedrooms over 2 bedrooms, making it an excellent addition to any real estate portfolio. The home is well-equipped for multi-family management, featuring three boilers, four electric meters, and three gas meters. Additionally, the property offers exceptional parking and storage solutions, including garages, a private driveway. TWO tenants' units occupied. Monthly Rent: $3,606.00 each, and the 2 beds units is Vacant. PROPERTY COULD BE DELIVERY VACANT. Conveniently located just minutes from the 233rd Street MTA station, the property provides easy access to major highways, buses, schools, and local shops.

Property Information

Property type

Residential Income

Sub-type

Triplex

Year built

1910

Building area

3,366 Sq Ft

Lot size

0.13 acres

Garage spaces

2

Days on market

203

MLS^® Listing#

968735

Property Features

Interior

High Ceilings

Cooling

None

Heating

Natural Gas

Parking

Driveway

Construction

Brick

Utilities

Electricity Connected

Sewer

Public Sewer

Water source

Public

Financial Details

Annual taxes

$9,141

Assessed value

$65,640

Parcel number

04853-0083

Directions

WAKEFIELD neighborhood - from E. 233rd Street make a right onto Bronxwood Avenue make a left onto Barnes Avenue and then a left onto E. 229th St. (between Barnes Ave. and Bronxwood Ave.)