1120 Wheeler Avenue

Bronx, NY 10472
$519,000
7 beds | 4 baths | #H6115459

Description

ACCEPTED OFFER AS OF 8/4 - Welcome to this 4 unit investment in a thriving section of the South Bronx. This home features one 3 bedroom apartment, one 2 bedroom apartment, and two 1 bedroom apartments. 3 of the 4 apartments are rented out. There is potential to receive a full tax abatement once renovations are complete. Buyer MUST assume the HPD renovation loan which is $420k at 0% interest and is a 2nd lien position.(HPD Loan is not pre-payable) MONTHLY PAYMENTS FOR THAT LOAN ARE $291.30/monthly with a balloon payment at the end of maturity in 2051 for the remainder. Units become rent stabilized after renovations are completed at the end of the summer and must follow NYC AMI rental guidelines which equates to market rate rent in this area. This 4 unit has undergone large renovation items already. Completed Renovations include: Asbestos removal, all new windows (including lintels, window sills, etc.) in all 4 units, 2 brand new hot water heaters, new parapet and building envelope has been rebuilt, new front and back stairways, new intercom system, new front and back entry doors, new energy-saving fixtures in units, ex. - shower heads, faucets, LED lights, door weather strips,and thermostatic radiator valves. Renovations to be done: Brand new roof, stucco to be done on two sides and brick pointing in front, solar panel install to provide cost savings to owner and each unit's utility bill, skylight replacement, and new roof-cap. There is a huge unfinished basement than can be used to create extra income, such as a laundry room and storage spaces, basement does need work. Some units will need TLC, but with the renovation loan in place with HPD the big ticket items will be done. Come see all the possibilities that you may have with this solid investment in the thriving South Bronx!
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  • Interior Details
    • Beds & Baths
      • Bedrooms:7
      • Bathrooms:4
      • Full Baths:4
  • Property Details
    • Measurements
      • Acres:0.06
  • Construction Details
    • Type & Style
      • Property type:Purchase
      • Basement:Full, Unfinished, Walk-Out Access
    • Condition
      • Year built:1929
  • Utilities / Energy Details
    • Utility
      • Sewer information:Public Sewer
      • Utility source:Public
  • Community and Neighborhood Details
    • Location
      • Elementary School:Call Listing Agent
      • Middle School:Call Listing Agent
      • High School:Call Listing Agent
      • County:Bronx
  • Financial Details
    • Pricing Details
      • Original List Price:$849, 000
  • Other
    • Source
      • MLS #:H6115459

Location

Keller Williams LandmarkAsk Vinny Thompson team
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  • Schedule Showing

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