Corner Office
For Sale
$2,100,000
2881 MIDDLETOWN RD, Bronx, NY 10461
Single-story office property with central air near the #6 subway at Middletown Road.
Property Size4,434 SF
Lot Size0.11 Acres
Price / SF$502.99
Days on Market9
Property Features for 2881 MIDDLETOWN RD
General Information
Standard status
Active
Size
4,434 SF
Lot size
0.11 Acres
Property subtype
Office
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$20,456
Amenities
Central Air
3
Building Details
Year Built
1952
Buildings
1
Stories
1
Building Size
4,434 SF
Listing Agency:
Concourse Realty Partners LLC
(212) 207-2400
Listed By:
David Simone · License #30SI0939122
(212) 207-2400
Source:
Xome
Added: Aug 22
Changed: Aug 30
Last Checked: Aug 30 at 7:00AM
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 Concourse Realty Partners LLC
Investment Insights
Based on property information with market context.
This single-story corner office building in the Pelham Bay section of the Bronx includes a central air system and was most recently used by a real estate management company. The property was built in 1952 and occupies a 4,615-square-foot lot.
The building is a few blocks from the Middletown Road station served by the #6 train. The transit-oriented zoning context provides potential for approximately 9,230 BSF of residential development and 11,076 BSF of community facility development. Its existing office configuration supports continued commercial use, while the lot and transit access create additional planning considerations for an owner or developer.
The building is a few blocks from the Middletown Road station served by the #6 train. The transit-oriented zoning context provides potential for approximately 9,230 BSF of residential development and 11,076 BSF of community facility development. Its existing office configuration supports continued commercial use, while the lot and transit access create additional planning considerations for an owner or developer.
Key Highlights
- Single‑story corner office building in the Pelham Bay section of the Bronx
- 4,615‑square‑foot lot with potential for approximately 9,230 BSF residential development
- Potential for 11,076 BSF of community facility 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
$104,552
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
4.98%
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%
$2,091,040
$2.1M
Cap Rate 7%
$1,493,600
$1.5M
Cap Rate 9%
$1,161,689
$1.2M
Market Conditions
NOI Build-Up for 4,175 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
$175.4K $42.00/SF
− Vacancy
−$35.9K −$8.61/SF
EGI
$139.4K $33.39/SF
− OpEx
−$34.9K −$8.35/SF
NOI
$104.6K $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 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%
$2,091,040
Cap Rate 7%
$1,493,600
Cap Rate 9%
$1,161,689
Alternative Uses
Best Use
Office B
$1.49M
$1.31M – $1.74M
NOI $104,552 @ 7.0% cap · market cap 4.98%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$2.89M
$2.53M – $3.38M
NOI $202,509 @ 7.0% cap · market cap 9.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,260
Businesses Nearby
Explore this area
Business Placement
Demographics for 10461, NY
54,901
Population
20,418
Households
2.7
Avg Household Size
38
Median Age
27%
College-Educated
82%
High-School Grad
2.4 sq mi
ZIP Area
22,875
Density / Sq Mi
$65,023
Median Household Income
$45,445
Median Earnings
$1,741
Median Rent
$640,400
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Single-story office property with central air near the #6 subway at Middletown Road.
Where is this office building located?
The property is located at 2881 MIDDLETOWN RD Bronx, NY.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: Single‑story corner office building in the Pelham Bay section of the Bronx; 4,615‑square‑foot lot with potential for approximately 9,230 BSF residential development; Potential for 11,076 BSF of community facility development
