Building Details

Year Built 2007

Listing Agency: New Group Realty Inc Show Phone

Listed By: Yinzhu Jin · License #10301215494 Show Phone

Source: Exitrealty

Added: Dec 27, 2024 Changed: Oct 25 Last Checked: Oct 2 at 5:18PM

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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 New Group Realty Inc

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Investment Insights

Based on property information with market context.

The property located at 867 Longwood Ave, also known as 840 Westchester Ave and 848 Westchester Ave, presents a development opportunity. The zoning is R7-1, C4-1, permitting an additional residential multi-story retail building as of right. The lot encompasses 28,500 square feet with a potential usage of 77,000 square feet. The property includes an indoor on-site parking garage with 75 spots. It is situated at the 3-way intersection of Prospect Avenue, Westchester Avenue, and Longwood Avenue.

Key Highlights

• Zoning R7‑1, C4‑1 permits residential and multi‑story retail building AS OF RIGHT.
• Large 28,500 sq ft lot with a substantial 77,000 sq ft usage area.
• On‑site indoor parking garage with 75 spots.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$1,771,280

Cap Rate

7.09%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$35,425,600 $35.4M

Cap Rate 7%

$25,304,000 $25.3M

Cap Rate 9%

$19,680,889 $19.7M

Is this asking price fair?

Market Conditions

NOI Build-Up for 77,000 SF

Gross rent

$3.42M $44.40/SF

− Vacancy

−$198.3K −$2.58/SF

EGI

$3.22M $41.82/SF

− OpEx

−$1.45M −$18.82/SF

NOI

$1.77M $23.00/SF

Area

Bronx, NY

Vacancy

5.80%

Lease Rate

$44.40 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$35,425,600

Cap Rate 7%

$25,304,000

Cap Rate 9%

$19,680,889

Alternative Uses

Best Use

Industrial

$43.94M

$38.45M – $51.26M (±1% cap)

NOI $3,075,793 @ 7.0% cap · market cap 12.30%

Second Best

Apartment 5plus

$25.30M

$22.14M – $29.52M (±1% cap)

NOI $1,771,280 @ 7.0% cap · market cap 7.09%

Theoretical Best

Warehouse

$53.36M

$46.69M – $62.25M (±1% cap)

NOI $3,734,891 @ 7.0% cap · market cap 14.94%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Family Dollar Clothing Store

Suggested Use

Top Pick Law Firm Real Estate Agency Skin Care Clinic Gym & Fitness Center Acupuncture Bar & Pub

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

4,527

Businesses Nearby

192k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Dining 40% Shops & Services 39% Groceries 21%

Western Beef Groceries

23,969 visits/mo 0.5 miles

White Castle Dining

21,075 visits/mo 0.4 miles

BP Shops & Services

17,603 visits/mo 0.3 miles

Dollar Tree Shops & Services

17,410 visits/mo 0.5 miles

McDonald's Dining

17,076 visits/mo 0.5 miles

Demographics for 10459, NY

50,984

Population

18,678

Households

2.7

Avg Household Size

34

Median Age

14%

College-Educated

68%

High-School Grad

0.8 sq mi

ZIP Area

63,730

Density / Sq Mi

$39,276

Median Household Income

$30,200

Median Earnings

$1,285

Median Rent

$589,500

Median Home Value

Market

Vacancy Rate% for Retail in Northeast region

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

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Frequently Asked Questions

What type of property is this?

Commercial land - Large lot suitable for multi-story retail and residential development.

Where is this commercial land located?

The property is located at 867 Longwood Avenue Bronx, NY.

What is the asking price?

The asking price for this property is $25,000,000.

What are key features of this property?

This property features: Zoning R7‑1, C4‑1 permits residential and multi‑story retail building AS OF RIGHT.; Large 28,500 sq ft lot with a substantial 77,000 sq ft usage area.; On‑site indoor parking garage with 75 spots.