Two-Story Mixed-Use
For Sale
Contact for pricing
229 CITY ISLAND AVE, Bronx, NY 10464
Two residential units accompany a ground-level retail component in a compact commercial and residential property.
Property Size2,250 SF
Lot Size0.05 Acres
Price / SF$422.22
Days on Market13
Property Features for 229 CITY ISLAND AVE
General Information
Standard status
Active
Size
2,250 SF
Lot size
0.05 Acres
Property subtype
Multifamily
Additional Details
Road Access
Yes
Multifamily Units
2
Building Details
Year Built
1900
Buildings
1
Stories
2
Units
2
Listing Agency:
Northgate Real Estate Group
(917) 406-0406
Listed By:
Greg Corbin · License #10491213060
Source:
Crexi
Added: Jul 30
Changed: Aug 9
Last Checked: Aug 10 at 5:15AM
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 Northgate Real Estate Group
Investment Insights
Based on property information with market context.
Located at 229 City Island Avenue, this two-story mixed-use property combines two residential units with one retail space. The building contains 2,250 square feet on a 35-foot by 61-foot lot and was built in 1900, offering a straightforward combination of income-producing residential and commercial components.
The property sits along City Island Avenue amid restaurants, boutique shops, art galleries, marina facilities, yacht clubs, boat rentals, and waterfront parks. Nearby destinations include City Island Diner, Lickety Split, Little Greece, The Black Whale, and City Island Marina. The surrounding area draws local residents, tourists, and boaters, while 38% of City Island residents earn more than $150,000 annually.
The property sits along City Island Avenue amid restaurants, boutique shops, art galleries, marina facilities, yacht clubs, boat rentals, and waterfront parks. Nearby destinations include City Island Diner, Lickety Split, Little Greece, The Black Whale, and City Island Marina. The surrounding area draws local residents, tourists, and boaters, while 38% of City Island residents earn more than $150,000 annually.
Key Highlights
- Two‑story mixed‑use building with 2 residential units and 1 retail space
- 2,250 square feet on a 35 ft x 61 ft lot
- Located at 229 City Island Avenue in the Bronx
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
$51,758
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
5.45%
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%
$1,035,160
$1.0M
Cap Rate 7%
$739,400
$739.4K
Cap Rate 9%
$575,089
$575.1K
Market Conditions
NOI Build-Up for 2,250 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
$99.9K $44.40/SF
− Vacancy
−$5.8K −$2.58/SF
EGI
$94.1K $41.82/SF
− OpEx
−$42.3K −$18.82/SF
NOI
$51.8K $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%
$1,035,160
Cap Rate 7%
$739,400
Cap Rate 9%
$575,089
Alternative Uses
Best Use
Apartment 5plus
$739.4K
$647.0K – $862.6K
NOI $51,758 @ 7.0% cap · market cap 5.45%
Second Best
Retail
$676.6K
$592.0K – $789.4K
NOI $47,363 @ 7.0% cap · market cap 4.99%
Theoretical Best
Warehouse
$1.56M
$1.36M – $1.82M
NOI $109,136 @ 7.0% cap · market cap 11.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
369
Businesses Nearby
Explore this area
Business Placement
Demographics for 10464, NY
4,592
Population
2,255
Households
2
Avg Household Size
50
Median Age
46%
College-Educated
94%
High-School Grad
3.1 sq mi
ZIP Area
1,481
Density / Sq Mi
$100,306
Median Household Income
$70,148
Median Earnings
$1,993
Median Rent
$667,600
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?
Mixed-use property - Two residential units accompany a ground-level retail component in a compact commercial and residential property.
Where is this mixed-use property located?
The property is located at 229 CITY ISLAND AVE Bronx, NY.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Two‑story mixed‑use building with 2 residential units and 1 retail space; 2,250 square feet on a 35 ft x 61 ft lot; Located at 229 City Island Avenue in the Bronx
