Ariel Property Advisors is pleased to announce the sale of 305 East 182nd Street in The Bronx. The four-story, 36,000-square-foot parking facility in the Fordham Heights neighborhood was sold for $2.8 million. Ariel’s team of Jason M. Gold, Vice President, Investment Sales, Marko Agbaba, Director, Investment Sales, and Michael Tortorici, Executive Vice President, Investment Sales, represented the seller.
The property, located on the north side of 182nd Street between Tiebout Avenue and Webster Avenue, consists of 240 parking spots and has a split zoning designation for C8-3 and R7-1, which allows for approximately 35,000 buildable square feet of commercial space and 17,000 buildable square feet of residential space. Currently, nearly half of the 240 parking spots are rented out on a monthly basis, while an additional 35 spots are rented overnight or daily by educators at nearby schools. Under the previous owner, gross rent was approximately $378,000 per year.
“The Bronx continues to be an active market for commercial sales, particularly as the borough also increasingly becomes popular for residential and office space,” said Gold. “This asset in particular offers a number of opportunities to increase revenue and add value.”
Located just a few blocks from the B, D and 4 subway trains and the Cross Bronx Expressway, the property provides easy access to all of the Outer Boroughs. Additionally, the facility is a block away from Webster Avenue, a major retail thoroughfare in the West Bronx, and is a short walk from Fordham University and Belmont, which contains The Bronx’s historical Little Italy area, so the new owner stands to benefit from considerable pedestrian and car traffic.
About Ariel Property Advisors
Ariel Property Advisors is a commercial real estate services and advisory company located in New York City. The company covers all major commercial asset types throughout the NY metropolitan area, while maintaining a very sharp focus on multifamily, mixed-use and development properties. Ariel’s Research Division produces a variety of market reports that are referenced throughout the industry. arielpa.nyc
