596 EAST 164th St, BRONX, NY

596 East 164th Street, Bronx, NY 10456

DESCRIPTION

Sale Pending! This semi-detached 3 family is being sold at a 6.4% Cap Rate, with $68,000+ in annual net income.  596 East 164th Street will be sold with the ground floor 2 bedroom/ 2 bath unit and the basement vacant and recently renovated from the studs in.  The top floor was renovated a few years ago, and both the second and third floors are filled with solid tenants who have a history of paying on time every month.  Both the second and third floors are rented to CityFHeps candidates, where the city pays their rent, including all their utilities.  With the continued appreciation of the South Bronx along with the standing cap rate, the future owner can expect at least a 13% return on their investment.  Upsides include adding coin operated laundry and or storage in the basement, and increasing the rent (current 3 bedroom CityFheps programs are renting for $3,000+).