854 E 229th Street

Description

Double-track value: Keep the existing cash-flowing 3-family while planning and building a second 3-fa on the same lot, creating two revenue streams and maximizing FAR for the parcel. Immediate income + upside: Existing tenants provide instant NOI while a new build captures additional long-term rental revenue or a quick value-add resale. Four private garages. Shared lot reduces acquisition costs per unit compared with buying separate properties; development costs concentrated on one parcel. Strong ROI potential: Below-market asking price for combined lot and build potential in R4 zoning presents clear opportunity for unit count expansion, rent growth after renovation, or a 2-property sale strategy. Hold for stabilized cash flow, renovate and increase rents, or develop and sell the new 3-family separately or as a package. A premier investment opportunity legal 3-family brick home situated on a spacious lot. This property is ideally configured with a versatile layout featuring 4 beds over 3 beds over 2 beds. The home is well-equipped for multi-family management, featuring three boilers, four electric meters, and three gas meters. Additionally, the property offers exceptional parking and storage solutions, including garages, a private driveway. TWO tenants' units occupied. Monthly Rent: $3,606.00 each, and 2 beds Vacant. PROPERTY COULD BE DELIVERY VACANT. Located just minutes from the 233rd Street MTA station. Easy access to major highways, buses, schools, and local shops.