Corner Medical Building in Mott Haven

Landair Property Advisors has been hired to sell the single-story commercial asset located at 2598 Third Avenue, Bronx, NY. This property falls under R6, C2-4 zoning on a wide street, allowing for a diverse range of commercial and residential development types. Significant renovations completed in 2015 include roof, electricals, HVAC systems and plumbing. These improvements have fortified the property’s infrastructure and aesthetic appeal. The property stands to substantially appreciate in value with the right ownership strategy. There are (4) medical office suites that have been fully built out, as well as a basement that has ~12 Ft ceilings and an entrace on Third Avenue that can be rented separately. The financial profile of the property is attractive as it will be delivered vacant. The corner location and finished buildout should allow you to attract high tenant interest. Projections are for the (4) units and basement to generate roughly $380,000 in gross income annually. In addition to the valuable structure currently on the property, it is also advantaged by its zoning and corner lot appeal, which would allow the purchaser to immediately file plans for a 21,576 Sq. Ft. Residential building (34,521 Sq. Ft. with Community Facility). Located just .1 Miles from the 138th Street 3rd Avenue 6 Train subway stop, 2598 Third Avenue benefits from high pedestrian traffic and excellent accessibility, enhancing its value as a medical office building and redevelopment project. This property represents an exceptional opportunity for investors seeking a low-maintenance, high-yield asset with potential for future growth and development in a prime urban location.