Bronx Multifamily Investment
For Sale
$1,650,000
Pending
1119 Morris Ave The, Bronx, NY 10456
Detached 3-story building with six vacant residential units.
Property Size6,401 SF
Days on Market111
Property Features for 1119 Morris Ave The
General Information
Standard status
Pending
Size
6,401 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$16,914
Building Details
Building Size
6,401 SF
Year Built
1927
Units
5
Listing Agency:
Soler Realty
(646) 630-6899
Listed By:
Marcus E. Soler
(646) 630-6899
Source:
Elliman
Added: Apr 24
Changed: Aug 8
Last Checked: Aug 11 at 6:57AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Soler Realty
Investment Insights
Based on property information with market context.
Located in the Concourse area of the Bronx, this detached 3-story building at 1119 Morris Avenue presents a multifamily investment opportunity. The property encompasses approximately 6,401 square feet and features six residential units. The units include multiple larger 3-bed and 2-bed layouts. All units are delivered vacant, offering full control for renovation and income optimization. There is excellent upside potential to reconfigure or add bedrooms for increased rental revenue. The property is situated within walking distance of the B & D subway lines and local transit. The location is considered a transit-oriented, walkable neighborhood with a walk score of 95, a bike score of 68, and a transit score of 100. This property is suitable for investors or owner-occupants seeking a high-cap-rate asset in a strong Bronx rental market.
Key Highlights
- Delivered Vacant: Full control for renovation and income optimization.
- High Transit Score (100): Rider's Paradise, close to B & D subway lines and local transit.
- Six Residential Units: Multiple 3‑bed and 2‑bed layouts.
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
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 3-story building with six vacant residential units.
Where is this apartment building located?
The property is located at 1119 Morris Ave The 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: Delivered Vacant: Full control for renovation and income optimization.; High Transit Score (100): Rider's Paradise, close to B & D subway lines and local transit.; Six Residential Units: Multiple 3‑bed and 2‑bed layouts.
