Multifamily Property with Air
For Sale
Contact for pricing
1684 GRAND AVE, Bronx, NY 10453
Multifamily asset with R7-1 zoning and additional buildable air rights.
Property Size4,022 SF
Price / SF$696.17
Days on Market131
Property Features for 1684 GRAND AVE
General Information
Standard status
Active
Size
4,022 SF
Property subtype
Multifamily
Zoning
R7-1
Occupancy
70%
Investment Type
Value Add
Net Operating Income
$244,650
Building Details
Year Built
1930
Year Renovated
2019
Buildings
1
Stories
3
Units
10
Listing Agency:
Safdie Realty Group
Listed By:
Roni Yaghoobzar · License #NY 10401324145
Source:
Crexi
Added: Apr 26
Changed: Sep 1
Last Checked: Sep 1 at 9:08AM
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 Safdie Realty Group
Investment Insights
Based on property information with market context.
This multifamily property at 1684 Grand Ave in the Bronx was built in 1930 and carries R7-1 zoning. The property information identifies 5,975 additional buildable air rights, providing a defined development component alongside the existing residential asset.
The property is classified as Tax Class 2B and is offered for sale. A cap rate is referenced in the listing information without a stated figure.
The property is classified as Tax Class 2B and is offered for sale. A cap rate is referenced in the listing information without a stated figure.
Key Highlights
- 5,975 additional buildable air rights
- R7‑1 zoning designation
- Tax Class 2B classification
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
$93,797
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
3.35%
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%
$1,875,940
$1.9M
Cap Rate 7%
$1,339,957
$1.3M
Cap Rate 9%
$1,042,189
$1.0M
Market Conditions
NOI Build-Up for 4,022 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
$178.6K $44.40/SF
− Vacancy
−$8.0K −$2.00/SF
EGI
$170.5K $42.40/SF
− OpEx
−$76.7K −$19.08/SF
NOI
$93.8K $23.32/SF
Area
ZIP 10453
Vacancy
4.50%
Lease Rate
$44.40 /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%
$1,875,940
Cap Rate 7%
$1,339,957
Cap Rate 9%
$1,042,189
Alternative Uses
Best Use
Apartment 5plus
$1.34M
$1.17M – $1.56M
NOI $93,797 @ 7.0% cap · market cap 3.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.89M
$1.65M – $2.20M
NOI $132,166 @ 7.0% cap · market cap 4.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,601
Businesses Nearby
Explore this area
Business Placement
Demographics for 10453, NY
81,951
Population
28,801
Households
2.8
Avg Household Size
34
Median Age
15%
College-Educated
69%
High-School Grad
0.9 sq mi
ZIP Area
91,057
Density / Sq Mi
$35,482
Median Household Income
$30,097
Median Earnings
$1,393
Median Rent
$580,100
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?
Multifamily property - Multifamily asset with R7-1 zoning and additional buildable air rights.
Where is this multifamily property located?
The property is located at 1684 GRAND AVE Bronx, NY.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: 5,975 additional buildable air rights; R7‑1 zoning designation; Tax Class 2B classification
