Five commercial spaces in one building for 3.995.000. good cap rate

Prime East 132nd St HUB Investment Opportunity — Border of Manhattan

Offered at: $3,995,000
Address: 2535 Third Avenue, Bronx, NY 10451
Building Size: 9,200 SF | Lot Size: 2,857 SF (37.42’ x 89’)
Zoning: M1-4 / R7X — Two additional floors buildable

Nestled at the bustling East 138th Street HUB — the Bronx’s thriving commercial corridor just steps from Manhattan — 2535 Third Avenue presents an exceptional mixed-use investment opportunity with strong income, quality tenancy, and future development potential.

This three-story, fully renovated commercial building with a full stand-up basement offers over 9,200 SF of rentable space, featuring two retail storefronts and two commercial loft floors. The property benefits from rock-solid construction, modern updates, and an existing elevator shaft — ready for installation of a new elevator if desired.

Zoned M1-4/R7X, the property also includes air rights for an additional 4th and 5th floor, allowing a significant expansion of rentable area and an estimated $168,000 in additional annual rental income.

Tenancy & Income

Storefront A – Locked Out Deli

• Size: 1,500 SF
• Lease Term: 2/2023 – 2/2033 (10 years)
• Rent: $8,755/month | 3% annual increases
• Tenant pays 20% of real estate tax increases over base year

Storefront B – Little Caesars (ADR Ventures)

• Size: 1,500 SF
• Lease Term: 10/2024 – 10/2034 (10 years)
• Rent: $6,500/month | 3% annual increases
• Tenant pays 20% of tax increases over base year

2nd Floor – EPRINE Community Services (Nonprofit Education Organization)

• Size: 3,000 SF
• Lease Term: 12/2023 – 12/2030 (7 years)
• Rent: $7,725/month | 3% annual increases
• Tenant pays 33% of tax increases over base year
• 3rd Floor – FRONT (Vacant)
• 1,000 SF multi-purpose office, 2 rooms + full bath
• Projected Rent: $3,500/month
• 3rd Floor – REAR (Vacant)
• 2,000 SF live/work legal office, 5 bedrooms + 2 baths with kitchen
• Projected Rent: $6,500/month

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• Financials
• Annual Taxes: $71,000
  Insurance: $16,000
  Utilities: $3,000
  Water & Sewer: $1,200
  Professional Fees: $1,500
  Maintenance & Repairs: $5,000
  Total Annual Expenses: $97,700

• Net Operating Income: Projected $298.000