Bargains at Mott Haven
Plenty of affordable investment opportunities available in the neighbourhood
The look of lots around Mott Haven –located between the Harlem River and the Bruckner Expressway south of East 149th Street, South Bronx – has changed a lot since the 1960s and 1970s. some of them have been transformed into lush community gardens, some others have been converted into subsidized town houses by non-profit developers. Others have never seen their development take place.
Numerous enthusiasts describe the area as challenging but with great potential. There are more than a dozen housing projects along with blocks where recent immigrants, newcomers and families live. The neighbourhood hosts 48 thousand residents. The housing stock is diversifying. The main commercial corridor is being revitalized. Plenty of businesses are opening, thus increasing street life. Industrial areas on the western edge have been rezoned to promote new housing. East 138th Street hosts a community of artists who exhibit their works out of their own homes. The area is described by residents and brokers as a quiet place to live. It is close to Manhattan and offers efficient public transport. Analysts are optimistic about its housing development.
There are numerous affordable investment opportunities in the area: there are three-storey brownstones, yellow-faced brick town houses, one- and two- family buildings. Buying a house here is a bargain. Prices of beautiful houses in move-in conditions are under $ 500,000. The average price for a two-family house is around $ 425,000; a one-family house costs about $ 275,000. The price of four-family houses amounts to $ 400,000 approximately.
The rental of two-bedroom homes and of one-bedroom dwellings – which may include some spacious lofts – ranges between $1,300 and $1,800 a month. Smaller units are listed for $ 1,000 or less.
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