Building Details

Building Size 6,500 SF

Buildings 1

Stories 3

Construction brick

Tenancy Multi

Listing Agency: Douglas Elliman of NJ LLC

Listed By: Michael Frontera · License #10301213507 Show Phone

Source: Elliman

Added: Oct 14 Changed: Oct 15 Last Checked: Oct 15 at 2:11AM

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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 Douglas Elliman of NJ LLC

Investment Insights

Based on property information with market context.

This three-story brick property at 245 East 198th Street combines a ground-floor commercial suite with two residential apartments. Evergreen Physical Therapy occupies the commercial space, while both apartments have long-term, free-market tenants. The building therefore brings commercial and residential occupancy together in one asset.

The commercial lease includes scheduled annual increases and two additional five-year renewal options. The property is on an active neighborhood business corridor, amid residential communities and established businesses. Walk Score is 89, Transit Score is 100, and Bike Score is 39.

Key Highlights

• Three‑story brick mixed‑use property
• Ground‑floor commercial suite occupied by Evergreen Physical Therapy
• Two occupied residential apartments with long‑term, free‑market tenants

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$162,776

Cap Rate

7.94%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,255,520 $3.3M

Cap Rate 7%

$2,325,371 $2.3M

Cap Rate 9%

$1,808,622 $1.8M

Market Conditions

NOI Build-Up for 6,500 SF

Gross rent

$273.0K $42.00/SF

− Vacancy

−$56.0K −$8.61/SF

EGI

$217.0K $33.39/SF

− OpEx

−$54.3K −$8.35/SF

NOI

$162.8K $25.04/SF

Area

Bronx, NY

Vacancy

20.50%

Lease Rate

$42.00 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,255,520

Cap Rate 7%

$2,325,371

Cap Rate 9%

$1,808,622

Alternative Uses

Best Use

Office B

$2.33M

$2.03M – $2.71M (±1% cap)

NOI $162,776 @ 7.0% cap · market cap 7.94%

Second Best

Apartment 5plus

$2.14M

$1.87M – $2.49M (±1% cap)

NOI $149,524 @ 7.0% cap · market cap 7.29%

Theoretical Best

Warehouse

$4.50M

$3.94M – $5.25M (±1% cap)

NOI $315,283 @ 7.0% cap · market cap 15.38%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Current Use

Kalpesh M. Shah, ... Pharmacy Rupesh Patel, RPH Pharmacy Evergreen Physical Therapy Physician ATM Network Atm

Suggested Use

Top Pick Law Firm Real Estate Agency Gym & Fitness Center Acupuncture HVAC Service Building Supply

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

1

Office units

2

Residential units

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

4,427

Businesses Nearby

Explore this area Business Placement

Demographics for 10458, NY

81,299

Population

30,592

Households

2.7

Avg Household Size

32

Median Age

16%

College-Educated

68%

High-School Grad

1.2 sq mi

ZIP Area

67,749

Density / Sq Mi

$42,107

Median Household Income

$29,596

Median Earnings

$1,548

Median Rent

$515,700

Median Home Value

Market

Vacancy Rate% for Office in Northeast region

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Mixed-use property - A medical commercial space and two occupied apartments provide a blend of business and residential tenancy.

Where is this mixed-use property located?

The property is located at 245 E 198th St The Bronx, NY.

What is the asking price?

The asking price for this property is $2,050,000.

What are key features of this property?

This property features: Three‑story brick mixed‑use property; Ground‑floor commercial suite occupied by Evergreen Physical Therapy; Two occupied residential apartments with long‑term, free‑market tenants