Five-Unit Storefront
For Sale
Contact for pricing
2981-2989 3rd Ave, Bronx, NY 10455
Five total storefront units with four currently occupied, leaving one vacant storefront available for leasing.
Property Size11,300 SF
Price / SF$575.22
Days on Market66
Property Features for 2981-2989 3rd Ave
General Information
Standard status
Active
Size
11,300 SF
Property subtype
RETAIL
Building Details
Tenancy
Multi
Listing Agency:
Ariel Property Advisors
Listed By:
Jason M. Gold · License #10301214771
(212) 544-9500
Source:
Moodyscre
Added: Jul 14
Changed: Sep 14
Last Checked: Sep 16 at 1:14PM
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 Ariel Property Advisors
Investment Insights
Based on property information with market context.
This five-unit storefront property includes 11,300 square feet of retail space at 2981-2989 3rd Ave, Bronx, NY 10455. Four of the five units are currently occupied, and one vacant storefront remains available for lease.
The building’s current occupancy supports in-place revenue while providing the opportunity to improve overall leased coverage by filling the remaining storefront. Suitable for investors seeking a multi-unit retail asset with defined tenant status and for operators looking to lease an available storefront within the same property.
The layout is specifically configured as storefront units, making it straightforward for retail tenants that require direct commercial frontage.
The building’s current occupancy supports in-place revenue while providing the opportunity to improve overall leased coverage by filling the remaining storefront. Suitable for investors seeking a multi-unit retail asset with defined tenant status and for operators looking to lease an available storefront within the same property.
The layout is specifically configured as storefront units, making it straightforward for retail tenants that require direct commercial frontage.
Key Highlights
- 11,300 SF storefront property at 2981‑2989 3rd Ave, Bronx, NY 10455
- Five total storefront units
- Four units currently occupied
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
$237,870
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
3.66%
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%
$4,757,400
$4.8M
Cap Rate 7%
$3,398,143
$3.4M
Cap Rate 9%
$2,643,000
$2.6M
Market Conditions
NOI Build-Up for 11,300 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
$379.7K $33.60/SF
− Vacancy
−$39.9K −$3.53/SF
EGI
$339.8K $30.07/SF
− OpEx
−$101.9K −$9.02/SF
NOI
$237.9K $21.05/SF
Area
Bronx, NY
Vacancy
10.50%
Lease Rate
$33.60 /SF/Yr
Expense Ratio
30.00%
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%
$4,757,400
Cap Rate 7%
$3,398,143
Cap Rate 9%
$2,643,000
Alternative Uses
Best Use
Retail
$3.40M
$2.97M – $3.96M
NOI $237,870 @ 7.0% cap · market cap 3.66%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$7.83M
$6.85M – $9.14M
NOI $548,107 @ 7.0% cap · market cap 8.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
6,029
Businesses Nearby
246k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 44%
Dining 31%
Groceries 15%
Apparel 6%
Aldi
Groceries
22,887 visits/mo
0.1 miles
McDonald's
Dining
17,416 visits/mo
0.4 miles
Dollar Tree
Shops & Services
17,410 visits/mo
0.3 miles
TD Bank
Shops & Services
15,993 visits/mo
0.2 miles
KFC
Dining
15,444 visits/mo
0.2 miles
Demographics for 10455, NY
43,804
Population
16,608
Households
2.6
Avg Household Size
33
Median Age
16%
College-Educated
69%
High-School Grad
0.7 sq mi
ZIP Area
62,577
Density / Sq Mi
$36,701
Median Household Income
$33,892
Median Earnings
$1,130
Median Rent
$348,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
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Frequently Asked Questions
What type of property is this?
Storefront property - Five total storefront units with four currently occupied, leaving one vacant storefront available for leasing.
Where is this storefront property located?
The property is located at 2981-2989 3rd Ave Bronx, NY.
What is the asking price?
The asking price for this property is $6,500,000.
What are key features of this property?
This property features: 11,300 SF storefront property at 2981‑2989 3rd Ave, Bronx, NY 10455; Five total storefront units; Four units currently occupied
