MultiFamily Property at 245 Mcclellan Street in Bronx

The Offering: 

New York Multifamily is pleased to offer 245 McClellan Street, a 7,264 SF mixed-use corner walk-up building with four exposures located in the Concourse Village section of the Bronx. The mix of four 3-bedrooms, one 4-bedroom, and two ground-floor legal commercial spaces offers a rare opportunity to acquire a flexible asset that allows for immediate tenanting or redevelopment with substantial upside.

• Residential Vacancy: All five residential units will be delivered vacant for immediate lease up at Section 8 rents as shown in the rent roll.

• Redevelopment: Alternatively, convert the property into ten units plus one basement commercial space utilizing the efficient footprint, side yard, and four exposures. Schematics show the possibility of two 3brs, four 2brs, four 1brs, and one basement commercial space, which expires in October 2028. 10 units is possible given the efficient footprint, side yard, and four exposures.

• Prime Location: Located on a quiet block in Concourse Village, 245 McClellan offers immediate access to the Bx32, Bx35, the 4, B and D subway lines at 167th Street, steps away from the 167th Street retail corridor and Success Academy Charter School. It sits in a submarket that continues to benefit from long-term renter demand and public investment.

• Letter of No Objection: Aside from the Certificate of Occupancy, the NYC Department of Buildings has issued a Letter of No Objection (“LNO”) legalizing the second commercial space, fully protecting the integrity of the investment, For buyers seeking a clean and bankable asset, the LNO ensures full compliance and ease of ownership from day one.

• Environmental: Ownership went through extensive XREF ahead of the NYC deadline to document the total absence of lead-based paint in every apartment. Similarly, a 2015 Phase 1 and ACP-5 show a property completely void of any environmental issues and safe for immediate occupancy or development with no remediation.