Vacant 6-Unit Apartment
For Sale
$1,650,000
Pending
1119 Morris Avenue, Bronx, NY 10456
Commercial Sale, Bronx, NY
Property Size6,401 SF
Lot Size0.08 Acres
Days on Market250
Property Features for 1119 Morris Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Appliances
Gas Water Heater
Standard status
Pending
APN
02449-0028
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
16915
Utilities
Cooling system
Window Unit(s), Wall/Window Unit(s)
Building Details
Year built
1927
Number of units
5
Building materials
Brick
Listing Agency:
Soler Realty
(917) 710-3528
Listed By:
Marcus E. Soler
(646) 630-6899
Added: Dec 16, 2025
Changed: Aug 20
Last Checked: Aug 23 at 3:06PM
MLS# 883191
Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1927, this detached brick apartment building rises three stories and contains six residential units. The approximately 6,401-square-foot property is delivered vacant and includes a mix of larger three-bedroom and two-bedroom layouts. Window and wall/window cooling systems are present, along with a gas water heater.
The property occupies a 0.0805-acre lot at 1119 Morris Avenue in the Bronx. The B and D subway lines and local transit are within a short walk, providing access to public transportation in the surrounding Concourse area.
The property occupies a 0.0805-acre lot at 1119 Morris Avenue in the Bronx. The B and D subway lines and local transit are within a short walk, providing access to public transportation in the surrounding Concourse area.
Key Highlights
- Six residential units delivered vacant
- Approximately 6,401 square feet across three stories
- Detached brick construction completed in 1927
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$149,711
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
9.07%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,994,220
$3.0M
Cap Rate 7%
$2,138,729
$2.1M
Cap Rate 9%
$1,663,456
$1.7M
Market Conditions
NOI Build-Up for 6,401 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$288.0K $45.00/SF
− Vacancy
−$15.8K −$2.48/SF
EGI
$272.2K $42.53/SF
− OpEx
−$122.5K −$19.14/SF
NOI
$149.7K $23.39/SF
Area
ZIP 10456
Vacancy
5.50%
Lease Rate
$45.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,994,220
Cap Rate 7%
$2,138,729
Cap Rate 9%
$1,663,456
Alternative Uses
Best Use
Apartment 5plus
$2.14M
$1.87M – $2.50M
NOI $149,711 @ 7.0% cap · market cap 9.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.24M
$2.83M – $3.78M
NOI $226,749 @ 7.0% cap · market cap 13.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
5,270
Businesses Nearby
Explore this area
Business Placement
Demographics for 10456, NY
93,412
Population
33,321
Households
2.8
Avg Household Size
34
Median Age
14%
College-Educated
68%
High-School Grad
1.1 sq mi
ZIP Area
84,920
Density / Sq Mi
$35,676
Median Household Income
$30,340
Median Earnings
$1,194
Median Rent
$428,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Detached brick property with three stories, varied residential layouts, and window or wall-mounted cooling.
Where is this apartment building located?
The property is located at 1119 Morris Avenue Bronx, NY.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: Six residential units delivered vacant; Approximately 6,401 square feet across three stories; Detached brick construction completed in 1927
