350-354 East 193rd Street

Rare opportunity to acquire two contiguous income-producing properties at 350 and 354 East 193rd Street, offered together for $1,890,000. The assemblage includes three residential units currently configured with 14 rentable rooms, three garage spaces, approximately 4,090 SF of existing building area and 8,658 SF of combined land. Current gross income is approximately $12,974 per month, or $155,688 annually, including $750 per month from the three garage spaces. Owner-reported operating expenses are approximately $34,200 annually, and 2026 real estate taxes are approximately $5,172 annually. Based on the reported income and expenses, indicated NOI is approximately $116,316, producing an indicated cap rate of approximately 6.15%. Current R4A zoning provides a simple as-of-right floor area calculation of approximately 6,494 SF. Preliminary discussions with land-use counsel indicate a potential pathway to R6B or R7B, subject to buyer verification and all required governmental approvals. Close proximity to Fordham University’s Rose Hill campus makes the property ideal for student housing. The properties are currently occupied and may be delivered vacant. Seller financing may be considered for qualified buyers.