Newly Developed Six-Family
For Sale
$2,499,999
1047 Morris Ave The, Bronx, NY 10456
Modern six-family townhouse in Concourse Village with strong income.
Property Size5,291 SF
Days on Market112
Property Features for 1047 Morris Ave The
General Information
Standard status
Active
Size
5,291 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$8,195
Building Details
Building Size
5,291 SF
Year Built
1905
Units
6
Listing Agency:
Locqube New York, Inc.
(917) 242-9882
Listed By:
Jeffrie Pena · License #10401261474
(917) 242-9882
Source:
Elliman
Added: Apr 24
Changed: Aug 8
Last Checked: Aug 12 at 8:55AM
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 Locqube New York, Inc.
Investment Insights
Based on property information with market context.
This newly developed brick six-family townhouse is located in the fast-growing Concourse Village corridor. The property generates approximately $180K in gross income and an estimated $165K NOI. Each residence features custom finishes, including flint-grey cabinetry, stone breakfast bars, stainless steel appliances, and hardwood flooring. Spacious living rooms flow seamlessly into the kitchens. Well-placed powder rooms offer added convenience. Bedrooms accommodate full furniture sets, and each unit is equipped with wall units providing efficient heating and cooling. The six-family configuration includes two 2-bedroom / 1-bath units, three 1-bedroom units, and one studio apartment with ground-floor access. The building also features parking for two additional vehicles, along with common laundry, a security camera system, and pet-friendly accommodations. Tenants are responsible for their own utilities. The property is zoned R7-1, allowing for approximately 3,498 additional buildable square feet, presenting a development or expansion opportunity. Positioned in the Concourse section of the Bronx, the building is near playgrounds, supermarkets, restaurants, schools, and extensive transit options (4, B, D trains + Bx32, Bx19, Bx21, Bx33, M125). With access to major roadways and the George Washington Bridge, commuting is efficient.
Key Highlights
- Strong Income Potential: Approximately $180K gross income and $165K NOI, delivering a solid ~6.5% cap rate.
- High Transit Score: Perfect transit score of 100, with access to multiple train and bus lines.
- Modern, Turnkey Residences: Featuring custom finishes including flint‑grey cabinetry, stone breakfast bars, stainless steel appliances, and hardwood flooring.
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
$123,750
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
4.95%
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%
$2,475,000
$2.5M
Cap Rate 7%
$1,767,857
$1.8M
Cap Rate 9%
$1,375,000
$1.4M
Market Conditions
NOI Build-Up for 5,291 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
$238.1K $45.00/SF
− Vacancy
−$13.1K −$2.48/SF
EGI
$225.0K $42.53/SF
− OpEx
−$101.2K −$19.14/SF
NOI
$123.7K $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%
$2,475,000
Cap Rate 7%
$1,767,857
Cap Rate 9%
$1,375,000
Alternative Uses
Best Use
Apartment 5plus
$1.77M
$1.55M – $2.06M
NOI $123,750 @ 7.0% cap · market cap 4.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.68M
$2.34M – $3.12M
NOI $187,428 @ 7.0% cap · market cap 7.50%
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Modern six-family townhouse in Concourse Village with strong income.
Where is this apartment building located?
The property is located at 1047 Morris Ave The Bronx, NY.
What is the asking price?
The asking price for this property is $2,499,999.
What are key features of this property?
This property features: Strong Income Potential: Approximately $180K gross income and $165K NOI, delivering a solid ~6.5% cap rate.; High Transit Score: Perfect transit score of 100, with access to multiple train and bus lines.; Modern, Turnkey Residences: Featuring custom finishes including flint‑grey cabinetry, stone breakfast bars, stainless steel appliances, and hardwood flooring.
