Corner Office
New
For Sale
$2,100,000
2881 Middletown Rd The, Bronx, NY 10461
One-story office property configured for owner occupancy and positioned near the Middletown Road #6 subway station.
Property Size4,175 SF
Lot Size0.11 Acres
Price / SF$473.61
Days on Market4
Property Features for 2881 Middletown Rd The
General Information
Standard status
Active
Size
4,175 SF
Lot size
0.11 Acres
Property subtype
Commercial
Additional Details
Public Transit
Yes
Land Use
office
Taxes and HOA fees
Annual Taxes
$20,456
Building Details
Building Size
4,175 SF
Year Built
1952
Buildings
1
Stories
1
Listing Agency:
Concourse Realty Partners
(212) 207-2400
Listed By:
David R. Simone · License #10491207518
(212) 207-2400
Source:
Elliman
Added: Aug 26
Changed: Aug 28
Last Checked: Aug 28 at 3:33PM
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
Investment Insights
Based on property information with market context.
This one-story corner office building contains 4,434 square feet and is configured for office use. The property was built in 1952 and was most recently occupied by a real estate management company, offering an existing commercial layout for an owner-user.
The 4,615-square-foot lot is located a few blocks from the Middletown Road station serving the #6 train. The site also carries stated development parameters for approximately 9,230 BSF of residential space within a transit-oriented zone and 11,076 BSF of community facility space. WalkScore, BikeScore, and TransitScore are 85, 81, and 86, respectively.
The 4,615-square-foot lot is located a few blocks from the Middletown Road station serving the #6 train. The site also carries stated development parameters for approximately 9,230 BSF of residential space within a transit-oriented zone and 11,076 BSF of community facility space. WalkScore, BikeScore, and TransitScore are 85, 81, and 86, respectively.
Key Highlights
- 4,434‑square‑foot one‑story office building
- 4,615‑square‑foot corner lot
- Approximately 9,230 BSF residential development allowance
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
$111,038
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
5.29%
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%
$2,220,760
$2.2M
Cap Rate 7%
$1,586,257
$1.6M
Cap Rate 9%
$1,233,756
$1.2M
Market Conditions
NOI Build-Up for 4,434 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
$186.2K $42.00/SF
− Vacancy
−$38.2K −$8.61/SF
EGI
$148.1K $33.39/SF
− OpEx
−$37.0K −$8.35/SF
NOI
$111.0K $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%
$2,220,760
Cap Rate 7%
$1,586,257
Cap Rate 9%
$1,233,756
Alternative Uses
Best Use
Office B
$1.59M
$1.39M – $1.85M
NOI $111,038 @ 7.0% cap · market cap 5.29%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$3.07M
$2.69M – $3.58M
NOI $215,072 @ 7.0% cap · market cap 10.24%
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 - One-story office property configured for owner occupancy and positioned near the Middletown Road #6 subway station.
Where is this office building located?
The property is located at 2881 Middletown Rd The 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: 4,434‑square‑foot one‑story office building; 4,615‑square‑foot corner lot; Approximately 9,230 BSF residential development allowance
