Property Description

Welcome to Concourse Village, a rare fully renovated mixed-use investment opportunity in one of the Bronx's most accessible neighborhoods. This versatile building features three updated residential units totaling 7.5 bedrooms and 3.5 bathrooms, plus a modernized ground-floor commercial space, and will be delivered fully vacant at closing - giving the new owner immediate flexibility to lease at market, occupy, or reposition the asset. This is an ideal opportunity for developers, owner-users, and investors seeking a clean slate in a high-demand corridor.Priced at $1,450,000 with a projected net operating income of $120,894, the property delivers a projected cap rate of 8.34% - well above the typical Bronx multi-family benchmark - and a projected cash-on-cash return of 12.91%, based on 20% down at a 6% interest rate over a 30-year amortization. Projected rents are underwritten using current New York City Payment Standards, providing a conservative, voucher-backed baseline; market-rate rents in the area may yield even stronger returns. Tenants are responsible for their own utilities, keeping operating expenses lean and cash flow predictable from day one.Each residential unit has been thoughtfully designed for the modern renter, featuring sleek kitchens with stainless steel appliances, grey quartz countertops, and flint grey cabinetry. Hardwood floors flow throughout, complemented by spacious open-concept living areas built for entertaining and stylishly updated bathrooms. The ground-floor commercial space has been fully upgraded and is move-in ready for an established tenant or owner-operator. Additional features include a spacious private backyard ideal for gardening or outdoor relaxation, an adjacent community garden providing a landscaped park-like setting, onsite storage, laundry facilities, and a walkout basement for added utility and flexibility.Ideally located just minutes from the Melrose Metro-North station with a 30-minute commute to Midtown Manhattan, the property also offers convenient access to major highways, Starbucks, and a growing roster of local dining options. R7-2 zoning unlocks meaningful development potential, making this an exceptional opportunity for builders and long-term holders looking to scale or reposition the site. Delivered vacant, fully renovated, and offering double-digit projected returns with diversified residential and commercial income streams - this property gives you optionality from day one.

Property Features

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