For Sale
$14,500,000
2070 Jerome Aven, Bronx, NY 10453
Retail space
Property Size23,200 SF
Price / SF$625
Days on Market54
Property Features for 2070 Jerome Aven
General Information
Standard status
Active
Size
23,200 SF
Property subtype
Urban-High Street
Additional Details
Cap Rate
4.5%
Amenities
Brand-New 2026 Construction 23,200 SF Retail Property Located Along Jerome Avenue in the Bronx, Right Off the Corner of Burnside Avenue and Surrounded by Major National Retailers
Anchored by Planet Fitness, Which Recently Entered Into a 15-Year Lease That Runs Through 2041 With 10% Increases Every Five Years.
Property is 75% Occupied, and the Balance of the Retail was Just Listed for Lease. This is a Rare Opportunity to Acquire a National Tenant-Anchored New Construction Bronx Retail Asset.
Building Details
Building Size
23,200 SF
Year Built
2025
Tenancy
Multi
Listing Agency:
New York City Office
(212) 430-5229
Listed By:
Scott Plasky · License #License(s): NY: 40PL1176852
(212) 430-5229
Source:
Marcusmillichap
Added: Jun 28
Changed: Aug 14
Last Checked: Aug 20 at 4:21AM
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 New York City Office
Investment Insights
Based on property information with market context.
Key Highlights
- Newly constructed 23,200 SF Bronx retail property built in 2025 on Jerome Avenue
- 123 ft of frontage on Jerome Avenue between Burnside Avenue and E 181st St
- Anchored by Planet Fitness with a new 15‑year lease and 10% increases every five years
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
$488,369
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
3.37%
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%
$9,767,380
$9.8M
Cap Rate 7%
$6,976,700
$7.0M
Cap Rate 9%
$5,426,322
$5.4M
Market Conditions
NOI Build-Up for 23,200 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
$779.5K $33.60/SF
− Vacancy
−$81.8K −$3.53/SF
EGI
$697.7K $30.07/SF
− OpEx
−$209.3K −$9.02/SF
NOI
$488.4K $21.05/SF
Area
ZIP 10453
Vacancy
10.50%
Lease Rate
$33.60 /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%
$9,767,380
Cap Rate 7%
$6,976,700
Cap Rate 9%
$5,426,322
Alternative Uses
Best Use
Retail
$6.98M
$6.10M – $8.14M
NOI $488,369 @ 7.0% cap · market cap 3.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.89M
$9.53M – $12.71M
NOI $762,371 @ 7.0% cap · market cap 5.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
6,594
Businesses Nearby
158k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 40%
Groceries 27%
Shops & Services 20%
Apparel 7%
Western Beef
Groceries
27,533 visits/mo
0.4 miles
McDonald's
Dining
21,045 visits/mo
0.1 miles
BP
Shops & Services
12,605 visits/mo
0.4 miles
Taco Bell
Dining
8,613 visits/mo
0.1 miles
Carvel Ice Cream
Dining
7,493 visits/mo
0.3 miles
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 Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
Where is this retail space located?
The property is located at 2070 Jerome Aven Bronx, NY.
What is the asking price?
The asking price for this property is $14,500,000.
What are key features of this property?
This property features: Newly constructed 23,200 SF Bronx retail property built in 2025 on Jerome Avenue; 123 ft of frontage on Jerome Avenue between Burnside Avenue and E 181st St; Anchored by Planet Fitness with a new 15‑year lease and 10% increases every five years
