Besen Partners, as exclusive agent for Ownership, is pleased to offer for sale 3015 3rd Avenue, Bronx, NY 10455 (the “Property”) located in the Melrose neighborhood of The Bronx.
The subject property consists of two adjacent three and four-story mixed use walk-up buildings with rear parking on a single corner tax lot. The buildings contain two retail units at street grade. The corner building has one residential unit per floor on each of the three upper floors, and the upper two floors of the adjacent building are used as office space. The retail units consist of a check cashing service containing 2,295± SF and a beauty salon containing 985± SF. The 5-room apartments contain approximately 1,200± SF each. The two upper floors of the adjacent building contain one, duplex office unit with a total of 3,000± SF that was recently renovated and in very good condition. The offices are used by the check cashing service. There is also parking in the rear for approximately twelve vehicles, presently used by the check cashing business.
3015 3rd Avenue offers several value-add possibilities. The apartment rents are 50%+ under market, as 3-BR units in this area are presently commanding a median rent of $3,015/mo. There are three large 5-room units which be configured as 3-BR’s, and are presently renting around $1,500/mo with a super occupying one of them. The check cashing store lease expires at year-end, offering a chance to re-lease the space and/or be acquired by a user, who can utilize the retail as well as the office upstairs. The office can be leased individually or along with the retail, or alternatively can be converted to another 1-2 apartments. Rear parking can accommodate 12 cars, which can conservatively add $20,000 of annual income if spaces are rented, or the 14,526 SF of unused air rights could be utilized to develop additional residential units on the Elton Avenue side of the property.