Newly Developed University Heights
For Sale
$2,299,999
1845 Andrews Ave The, Bronx, NY 10453
Five-family building with modern finishes and strong investment potential.
Property Size4,187 SF
Lot Size0.07 Acres
Days on Market211
Property Features for 1845 Andrews Ave The
General Information
Standard status
Active
Size
4,187 SF
Lot size
0.07 Acres
Property subtype
Commercial
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.
Listed By:
Jeffrie Pena · License #10401261474
(917) 242-9882
Source:
Elliman
Added: Mar 10
Changed: Oct 4
Last Checked: Oct 5 at 7:29PM
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.
Located in the University Heights corridor, 1845 Andrews Avenue is a newly developed five-family brick building. The property generates approximately $169K in gross income and an estimated $150K NOI, yielding a 6.3% cap rate. Each residence features custom finishes, including flint-grey cabinetry, stone breakfast bars, stainless steel appliances, and hardwood flooring. The layouts include spacious living rooms that flow into the kitchens, along with powder rooms. Bedrooms in each unit can accommodate full furniture sets. Heating and cooling are provided by wall units in each apartment. The building comprises two 3-bedroom units with 1.5 baths (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. Building amenities include on-site common laundry, storage, garage parking, and a security camera system. The building is pet-friendly, and tenants are responsible for their own utilities. Situated in Morris Heights/University Heights, the property is near playgrounds, supermarkets, restaurants, schools, and multiple transit options (4, B, D trains + Bx3/Bx18/Bx36). It also offers access to major roadways and the George Washington Bridge.
Key Highlights
- Strong investment opportunity with a 6.3% cap rate and estimated $150K NOI
- Newly developed five‑family building with free‑market status
- Modern, high‑end finishes include stainless steel appliances, stone breakfast bars, and hardwood floors
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$97,645
Cap Rate
4.25%
Suggested Prices Based on Cap Rates
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
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 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
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Current Use
Location Intelligence
Trade Area within ½ mile
4,241
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Five-family building with modern finishes and strong investment potential.
Where is this apartment building located?
The property is located at 1845 Andrews Ave The 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: Strong investment opportunity with a 6.3% cap rate and estimated $150K NOI; Newly developed five‑family building with free‑market status; Modern, high‑end finishes include stainless steel appliances, stone breakfast bars, and hardwood floors
