Listing Notes
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.
Price in context
Cheaper than 4% of the 24 homes listed nearby right now, which run $780,000 to $1,499,999.
See all 24 nearby listings
| Address | Asking | Size |
|---|---|---|
| 877 E 223rd St | $780,000 | 3 bd · 2 ba |
| 958 E 226th St | $799,000 | 6 bd · 3 ba |
| 4140 Digney Ave | $799,000 | 4 bd · 3 ba |
| 1023 E 224th St | $799,000 | 8 bd · 3 ba |
| 1800 Edenwald Ave | $799,900 | Studio |
| 849 E 232nd St | $839,000 | 6 bd · 3 ba |
| 937 E 225th St | $849,000 | 5 bd · 3 ba |
| 4052 Barnes Ave | $850,000 | 3 bd · 3 ba |
| 953 E 226th St | $850,000 | 5 bd · 2 ba |
| 1060 E 225th St | $878,900 | Studio |
| 806 E 227th St | $899,000 | 5 bd · 3 ba |
| 960 E 221st St | $899,000 | Studio |
| 825 E 224th St Unit 2 | $949,000 | 5 bd · 4 ba |
| 739 E 224th St | $950,000 | 6 bd · 2 ba |
| 4133 Digney Ave | $959,000 | 4 bd · 3 ba |
| 945 E 228th St | $975,000 | Studio |
| 945 E 228th St | $975,000 | Studio |
| 1010 E 233rd St | $1,025,000 | 7 bd · 3 ba |
| 1038 E 224th St | $1,099,000 | 5 bd · 3 ba |
| 756 E 223rd St | $1,150,000 | 6 bd · 2 ba |
| 839 E 228th St | $1,200,000 | 6 bd · 4 ba |
| 3935 Barnes Ave | $1,248,000 | 9 bd · 4 ba |
| 955 E 229th St | $1,350,000 | 6 bd · 4 ba |
| 842 E 225th St | $1,499,999 | Studio |
Where it is
For sale Coming soon Recently sold— zoom out for more