591 Van Nest Avenue

Description

DISTRESSED VALUE-ADD OPPORTUNITY – CASH BUYERS & EXPERIENCED INVESTORS ONLY. Six-unit brick rent-stabilized building in the Van Nest section of the Bronx offered at a price reflecting its current condition and operational challenges. The property currently generates approximately $8,200 per month in rental income with one apartment presently under a vacate order which is close getting lifted this upcoming week. Several units are rented below legal regulated rents, presenting long-term repositioning potential for investors experienced with New York City's rent stabilization system. The current owner has made substantial investments into the property despite its challenges. Approximately 23 of the 36 cited violations have been addressed and are currently awaiting HPD inspection and official clearance. In addition, the apartment subject to the vacate order has been completely gutted and extensively renovated, offering a virtually brand-new interior once the remaining requirements are satisfied. The building currently has open HPD/DOB violations and is being sold AS IS. Sellers are prepared to provide available documentation, including the current rent roll, income and expense information, violation reports, and details of completed improvements to qualified buyers. This is an opportunity for an experienced operator looking to acquire a well-located multifamily asset at a significant discount while benefiting from the significant rehabilitation work already completed by the current owner. Conveniently located near Pelham Parkway, public transportation, shopping, and major highways. Serious inquiries only. Cash buyers or purchasers with financing suitable for distressed multifamily assets are encouraged.

Features

• ✓ Other

Property Details

Cooling

Wall/Window Unit(s)

Heating

Natural Gas, Other

Basement

Walk-Out Access

Schools