Corner Mixed-Use
For Sale
Contact for pricing
15 Gouverneur Place, Bronx, NY 10456
Mixed-use corner property with 10 residential units and a ground-floor deli for retail exposure.
Property Size8,133 SF
Price / SF$202.88
Days on Market69
Property Features for 15 Gouverneur Place
General Information
Standard status
Active
Size
8,133 SF
Property subtype
Retail, Mixed Use
Zoning
M1-1/R7-2, MX-7
Net Operating Income
$138,873
Building Details
Units
11
Listing Agency:
IPRG Investment Property Realty Group
Listed By:
Jared Friedman · License #NY
Source:
Crexi
Added: Jun 5
Changed: Aug 8
Last Checked: Aug 8 at 11:33AM
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 IPRG Investment Property Realty Group
Investment Insights
Based on property information with market context.
15 Gouverneur Place is a corner mixed-use property that combines residential income with street-level retail. The building includes 10 residential units: six two-bedroom apartments and four one-bedroom apartments. A single ground-floor deli space completes the configuration, providing a dedicated commercial component within the same asset.
The property is situated at the intersection of Gouverneur Place and Washington Avenue in the Morrisania section of the Bronx. It benefits from corner placement with exposure along both streets. In addition, the location offers convenient, walkable access to the 2, 5, and D subway lines, supporting easy commutes for residents and improving accessibility for retail customers.
For buyers and operators seeking a small mixed-use platform, the unit mix offers a blend of one- and two-bedroom residential layouts alongside an active ground-floor food and deli use. The combination of apartments and retail under one roof can support diversified day-to-day occupancy across residential and neighborhood-serving commercial space, while transit access helps keep both components convenient for tenants and customers alike.
The property is situated at the intersection of Gouverneur Place and Washington Avenue in the Morrisania section of the Bronx. It benefits from corner placement with exposure along both streets. In addition, the location offers convenient, walkable access to the 2, 5, and D subway lines, supporting easy commutes for residents and improving accessibility for retail customers.
For buyers and operators seeking a small mixed-use platform, the unit mix offers a blend of one- and two-bedroom residential layouts alongside an active ground-floor food and deli use. The combination of apartments and retail under one roof can support diversified day-to-day occupancy across residential and neighborhood-serving commercial space, while transit access helps keep both components convenient for tenants and customers alike.
Key Highlights
- Corner mixed‑use property at Gouverneur Place and Washington Avenue in the Morrisania section of the Bronx
- Income‑producing mix: 10 residential units plus a ground‑floor deli
- Residential unit mix includes six 2‑bedroom units and four 1‑bedroom units
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
$132,262
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
8.02%
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%
$2,645,240
$2.6M
Cap Rate 7%
$1,889,457
$1.9M
Cap Rate 9%
$1,469,578
$1.5M
Market Conditions
NOI Build-Up for 8,133 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
$214.7K $26.40/SF
− Vacancy
−$25.8K −$3.17/SF
EGI
$188.9K $23.23/SF
− OpEx
−$56.7K −$6.97/SF
NOI
$132.3K $16.26/SF
Area
ZIP 10456
Vacancy
12.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
30.00%
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%
$2,645,240
Cap Rate 7%
$1,889,457
Cap Rate 9%
$1,469,578
Alternative Uses
Best Use
Apartment 5plus
$2.72M
$2.38M – $3.17M
NOI $190,221 @ 7.0% cap · market cap 11.53%
Second Best
Specialty Retail
$2.69M
$2.36M – $3.14M
NOI $188,555 @ 7.0% cap · market cap 11.43%
Theoretical Best
Office A
$4.12M
$3.60M – $4.80M
NOI $288,103 @ 7.0% cap · market cap 17.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,782
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 - Mixed-use corner property with 10 residential units and a ground-floor deli for retail exposure.
Where is this apartment building located?
The property is located at 15 Gouverneur Place 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: Corner mixed‑use property at Gouverneur Place and Washington Avenue in the Morrisania section of the Bronx; Income‑producing mix: 10 residential units plus a ground‑floor deli; Residential unit mix includes six 2‑bedroom units and four 1‑bedroom units
