Property Description

880 Home Street presents a compelling development opportunity in the heart of the Bronx - a vacant 3-family property delivered free and clear, with proposed architectural plans ready for a brand new 4-story, 7-unit apartment building. Whether you're looking to collect income on the existing structure or move straight into a ground-up development play, this asset gives you options from day one.The existing building is a 3-family sitting on approximately 1,557 square feet of lot area with 16.93 feet of frontage along Home Street. The property is being delivered fully vacant, eliminating any tenant relocation exposure and allowing the next owner to move immediately on their preferred strategy.The proposed plans envision a fully code-compliant 4-story, 7-unit residential building comprising all studio apartments and a commercial space- commercial unit on the first floor and two studio units per floor on floors two through four. The proposed development comes in at a FAR of 2.92 against a maximum allowable 3.44 under R7-1 zoning, meaning the as-filed design doesn't even max out the lot's full development potential. Proposed building height is 37 feet 10 inches with 9-foot 4-inch floor-to-floor ceiling heights throughout.The site benefits from a number of favorable conditions. It is not located in a flood zone per FEMA mapping. No parking is required under current zoning for buildings of fewer than 10 residential units. The proposed building design includes a fire sprinkler system and Type IIA construction, and the unit layout and egress have been designed to full NYC Building Code compliance.Located in a neighborhood seeing continued new development activity, 880 Home Street is an ideal opportunity for a developer looking for a streamlined path to a 7-unit Bronx rental building - with the planning legwork already done.

Property Features