Mixed-Use Building on Story
For Sale
$960,000
2329 Story Avenue, Bronx, NY 10473
Mixed-use building with commercial and residential space on Story Avenue in the Bronx.
Property Size2,253 SF
Days on Market89
Property Features for 2329 Story Avenue
General Information
Standard status
Active
Size
2,253 SF
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$9,943
Amenities
Central Air, Electric, ENERGY STAR Qualified Equipment
Electric, ENERGY STAR Qualified Equipment, Forced Air, Hot Water
Building Details
Building Size
2,253 SF
Listing Agency:
Diversity Homes Inc
Listed By:
Imran M. Shah
(347) 701-4090
Source:
Evrealestate
Added: Jun 6
Changed: Aug 27
Last Checked: Sep 1 at 5:48PM
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 Diversity Homes Inc
Investment Insights
Based on property information with market context.
This mixed-use commercial property includes both commercial and residential space and is offered for sale at 2329 Story Avenue. The building is described as having high visibility along Story Avenue, supporting commercial activity at the street level.
The property is positioned in the Bronx near major transportation routes and public transit, with proximity to shopping, restaurants, and schools. It is presented as an income-producing building with versatility for investors or owner-users, with potential for future value-add as conditions change in the surrounding area.
The property is positioned in the Bronx near major transportation routes and public transit, with proximity to shopping, restaurants, and schools. It is presented as an income-producing building with versatility for investors or owner-users, with potential for future value-add as conditions change in the surrounding area.
Key Highlights
- Mixed‑use building on Story Avenue in the Bronx with commercial and residential space
- High‑visibility location on Story Avenue
- Income‑producing potential as a mixed‑use property
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
$51,827
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
5.40%
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%
$1,036,540
$1.0M
Cap Rate 7%
$740,386
$740.4K
Cap Rate 9%
$575,856
$575.9K
Market Conditions
NOI Build-Up for 2,253 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
$100.0K $44.40/SF
− Vacancy
−$5.8K −$2.58/SF
EGI
$94.2K $41.82/SF
− OpEx
−$42.4K −$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%
$1,036,540
Cap Rate 7%
$740,386
Cap Rate 9%
$575,856
Alternative Uses
Best Use
Apartment 5plus
$740.4K
$647.8K – $863.8K
NOI $51,827 @ 7.0% cap · market cap 5.40%
Second Best
Mixed Use
$644.5K
$564.0K – $751.9K
NOI $45,116 @ 7.0% cap · market cap 4.70%
Theoretical Best
Warehouse
$1.56M
$1.37M – $1.82M
NOI $109,282 @ 7.0% cap · market cap 11.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,468
Businesses Nearby
Explore this area
Business Placement
Demographics for 10473, NY
62,692
Population
23,234
Households
2.7
Avg Household Size
38
Median Age
24%
College-Educated
75%
High-School Grad
2.1 sq mi
ZIP Area
29,853
Density / Sq Mi
$50,609
Median Household Income
$40,049
Median Earnings
$1,131
Median Rent
$586,800
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use building with commercial and residential space on Story Avenue in the Bronx.
Where is this mixed-use property located?
The property is located at 2329 Story Avenue Bronx, NY.
What is the asking price?
The asking price for this property is $960,000.
What are key features of this property?
This property features: Mixed‑use building on Story Avenue in the Bronx with commercial and residential space; High‑visibility location on Story Avenue; Income‑producing potential as a mixed‑use property
