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Exceptional development opportunity in the vibrant heart of Fordham, Bronx. This 2-family residence, built in 1920, sits on a 3, 924 sq ft lot with 3, 696 sq ft of building space. The property's R6 zoning designation unlocks significant development potential for residential expansion and redevelopment. **Welcome to Fordham – Where Community Thrives** Fordham is a dynamic, welcoming neighborhood that pulses with authentic energy and cultural richness. Anchored by historic Fordham University, this beloved community features tree-lined streets, charming pre-war brownstones, and a wonderful mix of architectural character. The neighborhood radiates with life – from diverse local restaurants and shops along the bustling Fordham Road corridor to the natural beauty of the NY Botanical Garden and Bronx Zoo nearby. What makes Fordham special is its strong sense of community. Year-round festivals, cultural celebrations, and neighborhood institutions create a warm, inclusive atmosphere where families, young professionals, and longtime residents thrive together. The area is experiencing exciting growth – projected to add nearly 1, 000 new households over the next 5 years – signaling strong confidence in the neighborhood's future. **Smart Investment Fundamentals: ** The numbers back up the neighborhood's appeal. With a robust rental market (median rent $1, 384/month), 97% renter-occupied housing, and steady population growth of 4. 5% over 5 years, this is a neighborhood on the rise. Strategic location near major employers, universities, and attractions ensures consistent demand. **Development Highlights: ** • R6 Zoning - Maximum development flexibility and residential potential • Strong Rental Market - Proven demand with 97% renter-occupied housing • Population Growth - 4. 5% projected 5-year increase to 62, 682 residents • Vibrant Community - Cultural diversity, local businesses, and strong institutions • Strategic Location - Near Fordham University, NY Botanical Garden, Bronx Zoo • 3, 924 sq ft Lot - Excellent for redevelopment and expansion Perfect for developers, investors, and builders seeking strategic growth opportunities in a thriving, welcoming community. This property represents a compelling entry point for residential development in Fordham's vibrant and rapidly appreciating market.
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Our Executive Mortgage Banker:
$1,400,000
William Raveis Real Estate
Phone: 888.699.8876
Contact@raveis.com
Senior Vice President - Coaching & Strategic
William Raveis Mortgage, LLC
Phone: 203.980.8025
Frank.Kolb@raveis.com
NMLS Mortgage Loan Originator ID 81725
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5/6 (30 Yr) Adjustable Rate Jumbo* |
30 Year Fixed-Rate Jumbo |
15 Year Fixed-Rate Jumbo |
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|---|---|---|---|
| Loan Amount | $1,120,000 | $1,120,000 | $1,120,000 |
| Term | 360 months | 360 months | 180 months |
| Initial Interest Rate** | 5.500% | 6.000% | 6.000% |
| Interest Rate based on Index + Margin | 8.125% | ||
| Annual Percentage Rate | 6.165% | 6.086% | 6.183% |
| Monthly Tax Payment | $666 | $666 | $666 |
| H/O Insurance Payment | $125 | $125 | $125 |
| Initial Principal & Interest Pmt | $6,359 | $6,715 | $9,451 |
| Total Monthly Payment | $7,150 | $7,506 | $10,242 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.
** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.