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1030 Summit Avenue

New York NY 10452

7
2
1
2808 sq. ft.
Multi-Family
Currently for sale - view listing

Overview

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 rents10.0% (!) CAP rate based on institutional/NYC rentsPlease 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!

Features

7 bedrooms
2 bathrooms
1 carspace
1 garage space
2808 sq. ft. floor area
Multi-Family

Property history for 1030 Summit Avenue

2024
Rented
Undisclosed
31 Dec 2024 by eXp Realty, LLC (Revenos - New York)
2017
Rented
Undisclosed
05 Jan 2017 by Americas Real Estate Advisors

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Local market activity for 7 bedroom multi families in New York

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