Newly Developed Brick Five-Family
For Sale
$2,299,999
1845 Andrews Avenue, Bronx, NY 10453
Five residential units with on-site common laundry, storage, and garage parking, with tenants paying their own utilities.
Property Size4,187 SF
Days on Market252
Property Features for 1845 Andrews Avenue
General Information
Standard status
Active
Size
4,187 SF
Total Parking Spaces
1
Property subtype
Commercial
Zoning
R5
Financials
Cap Rate
6.3%
Business Included
Yes
Additional Details
Highway Access
Yes
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$9,892
Building Details
Building Size
4,187 SF
Year Built
1920
Units
5
Listing Agency:
Locqube New York, Inc.
(917) 242-9882
Listed By:
Jeffrie Pena · License #10401261474
(917) 242-9882
Source:
Cohenandcohenrealty
Added: Dec 4, 2025
Changed: Aug 8
Last Checked: Aug 8 at 5:25PM
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.
1845 Andrews Avenue is a newly developed brick five-family property offering five distinct residential units. The apartments feature modern finishes and functional layouts, including flint-grey cabinetry, stone breakfast bars, stainless steel appliances, and hardwood flooring throughout. Several units include in-unit conveniences such as a washer and dryer, and the property also provides well-placed powder rooms where applicable. Heating and cooling are supported by wall units across the building. Unit mix includes two 3-bedroom units (one with private yard access), two 1-bedroom units (one with an in-unit washer and dryer and private outdoor space), and one 2-bedroom unit.
The building includes common laundry, storage, garage parking, and a security camera system, and it is described as pet-friendly. Tenants pay their own utilities. The property is positioned in the Morris Heights/University Heights area with access to multiple transit options, including the 4, B, and D trains, as well as Bx3, Bx18, and Bx36 routes.
The offering is presented with approximately $169K in gross income and an estimated $150K NOI.
The building includes common laundry, storage, garage parking, and a security camera system, and it is described as pet-friendly. Tenants pay their own utilities. The property is positioned in the Morris Heights/University Heights area with access to multiple transit options, including the 4, B, and D trains, as well as Bx3, Bx18, and Bx36 routes.
The offering is presented with approximately $169K in gross income and an estimated $150K NOI.
Key Highlights
- Newly developed brick five‑family with 5 residential units and Year Built 1920
- Approx. $169K gross income with estimated $150K NOI and a 6.3% cap rate
- Unit mix: two 3‑bedroom units (1.5 baths, one with private yard access), two 1‑bedroom units (one with in‑unit W/D and private outdoor space), and one 2‑bedroom unit
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
$97,645
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
4.25%
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%
$1,952,900
$2.0M
Cap Rate 7%
$1,394,929
$1.4M
Cap Rate 9%
$1,084,944
$1.1M
Market Conditions
NOI Build-Up for 4,187 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
$185.9K $44.40/SF
− Vacancy
−$8.4K −$2.00/SF
EGI
$177.5K $42.40/SF
− OpEx
−$79.9K −$19.08/SF
NOI
$97.6K $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%
$1,952,900
Cap Rate 7%
$1,394,929
Cap Rate 9%
$1,084,944
Alternative Uses
Best Use
Apartment 5plus
$1.39M
$1.22M – $1.63M
NOI $97,645 @ 7.0% cap · market cap 4.25%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.97M
$1.72M – $2.29M
NOI $137,588 @ 7.0% cap · market cap 5.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
4,266
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Five residential units with on-site common laundry, storage, and garage parking, with tenants paying their own utilities.
Where is this apartment building located?
The property is located at 1845 Andrews Avenue Bronx, NY.
What is the asking price?
The asking price for this property is $2,299,999.
What are key features of this property?
This property features: Newly developed brick five‑family with 5 residential units and Year Built 1920; Approx. $169K gross income with estimated $150K NOI and a 6.3% cap rate; Unit mix: two 3‑bedroom units (1.5 baths, one with private yard access), two 1‑bedroom units (one with in‑unit W/D and private outdoor space), and one 2‑bedroom unit
