Overview
Property OverviewRIPCO Real Estate has been retained on an exclusive basis to arrange for the sale of 324 East 197th Street, Bronx, NY 10458. The Property is a three-story, brick, free-market three-family residential building of approximately 3,474 SF on a 25′ × 116′ lot in the Bedford Park neighborhood of the Bronx. With fewer than six units, the building is not subject to rent stabilization, giving ownership full flexibility on rents and turnover. The property is a well-maintained, turnkey asset offering a new owner in-place cash flow from day one with no deferred maintenance or repositioning required.
Investment Highlights
Expand ▼
Investment Highlights
Expand ▼Free-Market Building
Three-story, three-family with all three apartments free-market. With fewer than six units, ownership has full flexibility on rents and turnover.
Property Condition
Well-maintained, turnkey asset offering a new owner in-place cash flow from day one with no deferred maintenance or repositioning required.
Location
Situated in Bedford Park, minutes from Fordham University, Lehman College, the New York Botanical Garden and the Fordham Road retail corridor.
Excellent Transit Access
Steps from the B & D trains and the Metro-North Harlem Line, with the 4 train only a short walk away.
Asset Demand
Small free-market multifamily buildings remain sought-after Bronx assets, offering rent growth unavailable in regulated buildings and a low entry basis relative to Manhattan & Brooklyn.
Property Summary
Approximate figures ▼
Property Summary
Approximate figures ▼The Offering
- Property Address
- 324 East 197th Street, Bronx, NY 10458
- County
- Bronx
- Location
- E 197th St east of Grand Concourse, between Valentine & Briggs Ave
- Block / Lot
- 3288 / 29
- Property Type
- Three Family (C0)
Property Information
- Lot Dimensions
- 25′ × 116′
- Lot SF
- 2,900 SF
- Building Dimensions
- 21′ × 57′
- Stories
- 3
- Year Built
- 1901
- Walk-Up / Elevator
- Walk-Up
- Total Units
- 3
- Gross Residential SF
- 3,474 SF
Zoning Information
- Zoning
- R5A
- Street Width Classification
- Narrow
- FAR (Community Facility)
- 2.00
- Buildable SF (Community Facility)
- 5,800 SF
- Less Existing Structure
- (3,474) SF
- Available Air Rights (As-of-Right)
- 876 SF
Tax Information
- Assessment (26/27)
- $32,888
- Tax Rate (26/27)
- 19.843%
- Annual Property Tax (26/27)
- $6,526
- Tax Class
- 1
Investment Analysis
Revenue & Projected Expenses ▼
Investment Analysis
Revenue & Projected Expenses ▼| Unit | Status | GSF | Monthly Revenue | Annual Revenue |
|---|---|---|---|---|
| Apt 1 · First Floor | Occupied | 1,158 | $3,689 | $44,268 |
| Apt 2 · Second Floor | Occupied | 1,158 | $3,600 | $43,200 |
| Apt 3 · Third Floor | Occupied | 1,158 | $3,600 | $43,200 |
| Total Gross Annual Residential Income | 3,474 | $10,889 | $130,668 | |
| Less General Vacancy / Credit Loss (3.0%) | ($1.13 / SF) | ($3,920) | ||
| Effective Gross Annual Income | $36.48 / SF | $126,748 |
| Projected Expenses | Projection | % of EGI | $ / SF | Current |
|---|---|---|---|---|
| Property Taxes | 26/27 | 5.15% | $1.41 | $6,526 |
| Insurance | $1,350 / Unit | 3.20% | $0.97 | $4,050 |
| Electric | $0.25 / GSF | 0.69% | $0.25 | $869 |
| Water & Sewer | $1,000 / Unit | 2.37% | $0.65 | $3,000 |
| Repairs & Maintenance | $1,000 / Unit | 2.37% | $0.65 | $3,000 |
| Super Salary | $400 / Month | 3.79% | $1.38 | $4,800 |
| Management | 4% of EGI | 4.00% | $1.46 | $5,070 |
| Total Expenses | 21.57% | $6.77 | $27,315 | |
| Net Operating Income | $28.62 / SF | $99,433 |
Market Aerials
From the Offering Memorandum
| 1 MILE | 3 MILES | 5 MILES | |
| Population | 207,563 | 635,327 | 1,191,314 |
| Households | 203,086 | 621,848 | 1,155,127 |
| Avg. Household Income | $61,941 | $74,735 | $78,680 |
| Median Household Income | $47,654 | $53,011 | $54,803 |
| College Graduates | 12% | 15% | 16% |
| Total Businesses | 3,151 | 10,113 | 19,118 |
| Total Employees | 49,651 | 178,749 | 334,679 |
| Daytime Population | 172,524 | 550,380 | 1,028,913 |
Location
Bedford Park · The Bronx