301 W 261st St #3, Bronx, NY 10471

Douglas Elliman is pleased to present an incredible property investment opportunity. This 3-Family brick building is located at 301 West 261st Street on a quiet tree-lined block in the desirable neighborhood of Riverdale in the city of the Bronx. The property is zoned R3A, situated three blocks from Riverdale Ave with a lot size of approximately 4600 sf. Adjacent to this property is 363 West 261st Street which can be purchased as an assemblage and combined to create a 90 ft x 115 ft lot (10,350 sf ft). Current tenants are paying under market rents. The building can be delivered vacant. The property can use a little TLC but has great potential.This unique opportunity allows the new homeowner to purchase an entire building at half the cost of a condominium while achieving rental income. Live in the home and rent the other thus reducing out of pocket costs of homeownership.Easy access to all major roads such as I-87 (Major Deegan), Henry Hudson Parkway, and Mosholu Parkway making this area convenient to Manhattan and Westchester counties. Centrally located and ideal for attracting young professional, families and students (Manhattan College and Mount Saint Vincent College in close proximity). Van Cortlandt Park is a few blocks from this property featuring 1,100+ acres covering ridges and valleys of the Northwest Bronx. From West 225th Street to West 238th Street lies the Broadway shopping corridor which is undergoing a tremendous transition with two large shopping centers including Target, Marshalls, Applebees and Starbucks, which are currently operational, and BJs, Aldi, TJ Maxx and Sports Authority coming in late 2014/early 2015.