INVICTUS Property Advisors has been hired on an exclusive basis for the sale of 2381 Belmont Avenue in the Little Italy submarket of The Bronx. The subject property is a six (6) story mixed-use elevator building on the west side of Belmont Avenue between East 186th and 187th Streets. The property was developed in 2006 and benefits from a 421-A Tax Abatement which is scheduled to expire on 6/30/2034. Upon expiration of the 421-A, all of the residential units which are currently rent stabilized will become free market. There is approximately an additional $28,247 in gross annual preferential residential income that could be realized in the event there is tenant turnover. Additionally, the building falls into a coveted "2B" tax class, which has capped tax increases and a favorable assessed value.
The property contains a total of nine (9) units that consist of one (1) ground floor office space, and one (1) second floor floor-through office unit, and seven (7) residential apartments. The ground floor office and second floor office spaces will be delivered vacant presenting end-users with a prime work + income opportunity. Of the seven (7) apartments, six (6) are two-bedrooms and one (1) is a three-bedroom, each of which has a private balcony at the rear of the building. In addition, all of the units (residential and commercial) have individual electric and gas meters and heat and hot water units which are paid by the tenants.
The subject property is located just two blocks away from Arthur Avenue, Belmont's main artery, home to countless restaurants, pastry shops, butchers, and more. The Arthur Avenue Retail Market is located around the corner from the subject property and is described as a quintessential Italian institution and treasure and is home to eleven retailers local to the community. The building is located near the Fordham Metro-North Railroad Station and the B & D subway station at Fordham Road - East 188th Street.
