Two Bronx Apartment
For Sale
Contact for pricing
Pending
2048 Mapes Ave The, Bronx, NY 10460
Two multifamily buildings in Crotona, Bronx, near subway.
Property Size11,748 SF
Lot Size0.11 Acres
Days on Market720
Property Features for 2048 Mapes Ave The
General Information
Standard status
Pending
Size
11,748 SF
Lot size
0.11 Acres
Property subtype
Multifamily
Zoning
R7-1
Occupancy
100%
Net Operating Income
$374,810
Building Details
Year Built
1931
Buildings
2
Stories
4
Units
26
Listing Agency:
Safdie Realty Group
Listed By:
Roni Yaghoobzar · License #NY 10401324145
Source:
Crexi
Added: Sep 4, 2024
Changed: Aug 11
Last Checked: Aug 23 at 9:38PM
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.
Located between East 179th Street and East 180th Street in Crotona, Bronx, the properties at 2048 & 2052 Mapes Avenue include two apartment buildings. Each building contains thirteen apartments, for a total of 26 units. The buildings are each built to 33 ft x 89 ft. The properties sit on 33 ft x 145 ft lots and offer approximately 11,748 square feet and 32,972 square feet of air rights under R7-1 Zoning. The properties are within walking distance of the 2 and 5 subway lines.
Key Highlights
- 26 apartments across two buildings.
- Located in Crotona, Bronx, between East 179th Street & East 180th Street.
- Walking distance to the 2 & 5 subway lines.
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
$270,247
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
7.30%
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%
$5,404,940
$5.4M
Cap Rate 7%
$3,860,671
$3.9M
Cap Rate 9%
$3,002,744
$3.0M
Market Conditions
NOI Build-Up for 11,748 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
$521.6K $44.40/SF
− Vacancy
−$30.3K −$2.58/SF
EGI
$491.4K $41.82/SF
− OpEx
−$221.1K −$18.82/SF
NOI
$270.2K $23.00/SF
Area
Bronx, NY
Vacancy
5.80%
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%
$5,404,940
Cap Rate 7%
$3,860,671
Cap Rate 9%
$3,002,744
Alternative Uses
Best Use
Apartment 5plus
$3.86M
$3.38M – $4.50M
NOI $270,247 @ 7.0% cap · market cap 7.30%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$8.14M
$7.12M – $9.50M
NOI $569,838 @ 7.0% cap · market cap 15.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,351
Businesses Nearby
Explore this area
Business Placement
Demographics for 10460, NY
62,625
Population
24,085
Households
2.6
Avg Household Size
34
Median Age
15%
College-Educated
71%
High-School Grad
1.5 sq mi
ZIP Area
41,750
Density / Sq Mi
$36,067
Median Household Income
$31,283
Median Earnings
$1,332
Median Rent
$589,300
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 - Two multifamily buildings in Crotona, Bronx, near subway.
Where is this apartment building located?
The property is located at 2048 Mapes Ave The Bronx, NY.
What is the asking price?
The asking price for this property is $3,700,000.
What are key features of this property?
This property features: 26 apartments across two buildings.; Located in Crotona, Bronx, between East 179th Street & East 180th Street.; Walking distance to the 2 & 5 subway lines.
