7170 E 138thb Bronx NY stands as a focal point for real estate enthusiasts and investors alike. This property has piqued interest due to its location and potential in the ever-evolving Bronx real estate market. Understanding the nuances of this specific address and its surrounding area is crucial for anyone looking to make informed decisions in the New York City real estate landscape.
This article aims to provide a comprehensive look at 7170 E 138thb Bronx NY Street and its place in the Bronx real estate scene. Readers will gain insights into the property’s features, how it stacks up against nearby options, and the current state of the Bronx real estate market. Additionally, the piece will offer valuable tips for potential buyers and investors, helping them navigate the complexities of purchasing property in this dynamic borough.
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Overview of 7170 E 138th Street, Bronx
7170 E 138thb Bronx NY is situated in the Port Morris neighborhood, a part of the Bronx borough in New York City. This property falls within ZIP code 10454, an area known for its diverse real estate offerings .
Location and Neighborhood
The property is located in a vibrant part of the Bronx, with convenient access to various amenities. It’s worth noting that the neighborhood is part of a qualified opportunity zone, which may present unique investment prospects . The area is served by School District 7 and falls under Community District 1. For residents’ safety and convenience, the closest police station is 0.73 miles away, while the nearest fire station is just 0.14 miles from the property .
Property Details
This property is classified as a Lot Land, spanning an impressive 1.16 acres . While specific details about 7170 E 138thb are limited, nearby properties offer insights into the area’s real estate characteristics. For instance, a neighboring property at 710 East 138th Street provides a glimpse into the typical building features in this vicinity:
- Building Class: Walk-up Apartment – Over Six Families with Stores (C7)
- Building Size: 18,640 square feet
- Lot Size: 4,492 square feet
- Year Built: 1910 (with alterations in 2003)
- Number of Stories: 5
- Residential Units: 19
- Commercial Units: 4
Recent Market Trends
The Bronx real estate market, particularly in ZIP code 10454, has shown interesting trends. As of recent data, the median home value in this area stands at $746,386 . This figure reflects the overall market conditions and can serve as a benchmark for potential buyers or investors interested in properties like 7170 E 138thb Bronx NY.
The property’s 2023 tax assessment was recorded at $107,000, providing additional context for its current market position . These figures, along with the area’s designation as an opportunity zone, suggest a dynamic real estate environment with potential for growth and investment.
Comparative Analysis with Nearby Properties
To understand the value proposition of 7170 e 138thb bronx ny, it’s essential to compare it with nearby properties. This analysis provides insights into the local real estate market and helps potential investors make informed decisions.
Price Comparison
The median home value in ZIP code 10454, where 7170 e 138thb bronx ny is located, stands at $746,386 . This figure significantly exceeds the county median of $382,900, as well as the state and national medians of $302,200 and $204,900, respectively . A nearby property at 710 East 138th Street was listed for $5,750,000, with a price per square foot of $308 . These figures suggest that the area commands premium prices compared to broader market averages.
Size and Amenities Comparison
The lot size of 7170 e 138thb bronx ny is 1.16 acres , which is substantial for the area. In comparison, a nearby property at 710 East 138th Street spans 18,640 square feet and features 19 residential units and 4 commercial spaces . This property, built in 1910, has undergone alterations, indicating ongoing development in the area. Another nearby space offers up to 7,500 square feet with ceiling heights of 18 feet , showcasing the diverse real estate options available in the vicinity.
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Investment Potential
The Bronx real estate market presents interesting investment opportunities. The annual home appreciation rate in Bronx County over the past decade was -0.01%, matching the state average . However, the area’s designation as a qualified opportunity zone may offer unique investment prospects. The median gross rent in Bronx County is $1,176, slightly lower than the state average but higher than the national figure . This, combined with the area’s job market dynamics and ongoing development, suggests potential for rental income and long-term appreciation.
Bronx Real Estate Market Insights
Current Market Conditions
The Bronx real estate market has remained a buyer’s market since last year. In August 2024, the median home sold price in the Bronx was $577,403, showing a 3.3% increase from the previous year . The median price per square foot stood at $343 . The market saw 1,962 homes for sale in August 2024, representing a 4.9% increase compared to July 2024 .
Home prices varied across different property sizes. One-bedroom homes experienced a 4.9% increase, while two-bedroom homes saw a 4.6% decrease. Three-bedroom homes increased by 1.7%, four-bedroom homes by 5.1%, and homes with five or more bedrooms by 4.6% .
Future Growth Projections
The Bronx market shows signs of potential growth. The inventory of homes has been increasing, with two-bedroom homes up by 2.2%, three-bedroom homes by 5%, four-bedroom homes by 6%, and homes with five or more bedrooms by 11% . This increase in inventory suggests a growing market with more options for potential buyers.
Factors Influencing Property Values
Several factors are influencing property values in the Bronx. The average time on market for homes was 90 days in August 2024, an increase of 17.7% compared to the previous year . This longer selling period may impact pricing strategies.
Of the 170 homes sold in August 2024, 58% were sold under asking price, 22% at asking price, and 19% over asking price . This distribution indicates a competitive market with opportunities for both buyers and sellers.
The sales timeline also plays a role in property values. In August 2024, 29% of homes were sold within 30 days, 33% between 30 to 90 days, and 31% took over 90 days to sell . These varied timelines suggest diverse market dynamics across different property types and locations within the Bronx.
Tips for Potential Buyers and Investors
Due Diligence Checklist
Potential buyers and investors should conduct thorough due diligence before purchasing property in 7170 e 138thb bronx ny or any other location. A comprehensive checklist includes scheduling a land survey, working with an engineer, and researching local zoning laws . It’s crucial to review the title, ensuring it’s clear and free of any liens or encumbrances . Additionally, buyers should investigate utilities, including the availability of high-speed internet and the exact location of power lines .
Financing Options
When considering financing for 7170 e 138thb bronx ny, buyers have various options. Private money lenders in the Bronx offer loans with an average amount of USD 384,643 and rates around 11.3% . The median term for these loans is 17 months, with a typical origination charge of 2.6% . Buyers should also explore conventional loans, which can provide funding up to USD 100 million with terms up to 10 years .
Negotiation Strategies
Effective negotiation is crucial when purchasing property in 7170 e 138thb bronx ny. Buyers should avoid conveying eagerness and always negotiate through their agent . It’s important to provide justifications for the offered price using comparable sales data . Buyers should also consider negotiating on multiple terms beyond just price, such as closing date and contingencies, to gain leverage . Maintaining a likable demeanor throughout the process can also positively influence negotiations .
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Conclusion
The exploration of 7170 e 138thb bronx ny sheds light on a dynamic real estate landscape in the Bronx. This property’s location in a qualified opportunity zone, coupled with the area’s diverse offerings and potential for growth, makes it an intriguing option to consider. The comparative analysis with nearby properties and insights into the Bronx real estate market provide a solid foundation to make informed decisions.
For potential buyers and investors, 7170 e 138thb bronx ny presents an opportunity to tap into a market with promising prospects. The tips for due diligence, financing options, and negotiation strategies offer practical guidance to navigate the complexities of property acquisition in this area. As the Bronx continues to evolve, properties like 7170 e 138thb bronx ny stand as testaments to the borough’s ongoing transformation and investment potential.
