Ariel Property Advisors has been exclusively retained to sell 174 E 205th Street, Bronx, NY 10458, a newly constructed medical/professional building in the Bedford Park section.
The elevator building, which spans 17,000 s/f, is located on the south side of East 205th Street between Grand Concourse and East Mosholu Parkway South. The property, built in 2016 and designed to serve the nearby hospitals, offers investors the opportunity to subdivide the floors.
Exclusive agents Marko Agbaba, Scot Hirschfield, Jason Gold and Christopher Gillis are representing the seller.
“Along with its coveted location in the North Bronx and significant income potential, this mint condition, newly constructed asset is a rare opportunity for both investors and owner-users,” said Agbaba, director at Ariel Property Advisors.
The asset benefits from in-place ICAP abatements which cover about 94% of the current tax bill. The tax break is long-term as well, expiring June 30, 2041. In addition, with a high cap rate of 6.76%, the asset offers investors the potential for high income and return.
The property is strategically located near several major hospitals of The Bronx, including North Central Bronx Hospital, the Montefiore Medical Center and Saint Barnabas Hospital. The building is also in close proximity to Bedford Park, Lehman College, Williamsbridge Oval Recreation Center and the New York Botanical Garden.
The building boasts favorable commuting options as well as it is only a few blocks from the 4, B, and D subway lines, Metro North train station, and Grand Concourse, allowing easy access to locations throughout New York City and Westchester.