Three-Story Mixed-Use Corner
For Sale
Contact for pricing
Pending
216 East 175th Street, New York City, NY 10457
Three-story mixed-use building on a corner lot with zoning and air-rights opportunities in the Bronx.
Property Size5,660 SF
Lot Size0.10 Acres
Days on Market59
Property Features for 216 East 175th Street
General Information
Standard status
Pending
Size
5,660 SF
Lot size
0.10 Acres
Property subtype
Land
Zoning
R8
Investment Type
Redevelopment
Building Details
Buildings
1
Stories
3
Listing Agency:
RIPCO Real Estate
(201) 966-5918
Listed By:
Mitchel Flaherty · License #NY
Source:
Crexi
Added: Jun 14
Changed: Aug 8
Last Checked: Aug 10 at 4:35AM
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 RIPCO Real Estate
Investment Insights
Based on property information with market context.
The property at 216 East 175th Street is a 45' by 95' corner lot improved with a three-story mixed-use building totaling approximately 5,660 SF. The offering includes available air rights, with additional development rights described as coming from the adjacent 1790 Weeks Avenue.
The site is located at the southwest corner of East 175th Street and Monroe Avenue in the Mount Hope section of the Bronx. It is described as being zoned R8 along a narrow street.
For buyers evaluating residential income and redevelopment scenarios, the zoning information provides multiple as-of-right and policy-related pathways. The property is noted as supporting up to approximately 40,066 BSF of as-of-right residential development, 46,450 BSF for community facility use, or up to 55,760 BSF under the City of Yes for Housing Opportunity text amendment. The combination of an existing mixed-use structure, corner-lot configuration, and identified air-rights availability may be of particular interest to investors and owner-operators seeking a property that can serve current use while supporting longer-term planning options.
The site is located at the southwest corner of East 175th Street and Monroe Avenue in the Mount Hope section of the Bronx. It is described as being zoned R8 along a narrow street.
For buyers evaluating residential income and redevelopment scenarios, the zoning information provides multiple as-of-right and policy-related pathways. The property is noted as supporting up to approximately 40,066 BSF of as-of-right residential development, 46,450 BSF for community facility use, or up to 55,760 BSF under the City of Yes for Housing Opportunity text amendment. The combination of an existing mixed-use structure, corner-lot configuration, and identified air-rights availability may be of particular interest to investors and owner-operators seeking a property that can serve current use while supporting longer-term planning options.
Key Highlights
- 45' x 95' corner lot with a 3‑story mixed‑use building totaling approximately 5,660 GSF
- Located at the southwest corner of E 175th St and Monroe Ave in the Mount Hope section of the Bronx
- Zoned R8 along a narrow street; supports up to approx. 40,066 BSF as‑of‑right residential development
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
$177,086
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
3.69%
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%
$3,541,720
$3.5M
Cap Rate 7%
$2,529,800
$2.5M
Cap Rate 9%
$1,967,622
$2.0M
Market Conditions
NOI Build-Up for 5,660 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
$338.9K $59.88/SF
− Vacancy
−$16.9K −$2.99/SF
EGI
$322.0K $56.89/SF
− OpEx
−$144.9K −$25.60/SF
NOI
$177.1K $31.29/SF
Area
New York, NY
Vacancy
5.00%
Lease Rate
$59.88 /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%
$3,541,720
Cap Rate 7%
$2,529,800
Cap Rate 9%
$1,967,622
Alternative Uses
Best Use
Apartment 5plus
$2.53M
$2.21M – $2.95M
NOI $177,086 @ 7.0% cap · market cap 3.69%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$14.09M
$12.33M – $16.44M
NOI $986,198 @ 7.0% cap · market cap 20.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,176
Businesses Nearby
Explore this area
Business Placement
Demographics for 10457, NY
77,488
Population
27,795
Households
2.8
Avg Household Size
33
Median Age
15%
College-Educated
70%
High-School Grad
1.3 sq mi
ZIP Area
59,606
Density / Sq Mi
$44,911
Median Household Income
$30,564
Median Earnings
$1,400
Median Rent
$336,900
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Three-story mixed-use building on a corner lot with zoning and air-rights opportunities in the Bronx.
Where is this residential income property located?
The property is located at 216 East 175th Street New York City, NY.
What is the asking price?
The asking price for this property is $4,800,000.
What are key features of this property?
This property features: 45' x 95' corner lot with a 3‑story mixed‑use building totaling approximately 5,660 GSF; Located at the southwest corner of E 175th St and Monroe Ave in the Mount Hope section of the Bronx; Zoned R8 along a narrow street; supports up to approx. 40,066 BSF as‑of‑right residential development
