32-Unit Elevator Apartment
3187 Grand Concourse, Bronx, NY 10468
For Sale
Contact for pricing
A fully occupied, newly constructed multifamily property with municipal voucher support across nearly all apartments.
Property Size25,616 SF
Price / SF$351.34
Days on Market16
Property Features for 3187 Grand Concourse
General Information
Standard status
Size
Elevators
Property subtype
Occupancy
Financials
Asking Price
Cap Rate
Additional Details
Multifamily Units
Tenant in Place
Building Details
Stories
Listing Agency:
Ariel Property Advisors
Listed By:
Jason Gold · License NY #10301214771
(212) 544-9500
Source:
Crexi
Added: Oct 29
Changed: Nov 8
Last Checked: Nov 12 at 4:49AM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 32-unit multifamily building is a newly constructed, nine-story property served by an elevator. It contains 25,616 gross square feet and is fully occupied, with 31 apartments supported by municipal voucher programs. The property also benefits from a long-term 421-a tax exemption.
Located at 3187 Grand Concourse in the Bronx, the building offers a substantial apartment inventory in a vertical format.
Located at 3187 Grand Concourse in the Bronx, the building offers a substantial apartment inventory in a vertical format.
Key Highlights
- 32 apartments in a newly constructed, nine‑story elevator building
- 25,616 gross square feet
- Fully occupied
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$589,261
Cap Rate
6.55%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$11,785,220
$11.8M
Cap Rate 7%
$8,418,014
$8.4M
Cap Rate 9%
$6,547,344
$6.5M
Market Conditions
NOI Build-Up for 25,616 SF
Gross rent
$1.14M $44.40/SF
− Vacancy
−$66.0K −$2.58/SF
EGI
$1.07M $41.82/SF
− OpEx
−$482.1K −$18.82/SF
NOI
$589.3K $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 Rate 5%
$11,785,220
Cap Rate 7%
$8,418,014
Cap Rate 9%
$6,547,344
Alternative Uses
Best Use
Apartment 5plus
$8.42M
$7.37M – $9.82M
NOI $589,261 @ 7.0% cap · market cap 6.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$12.22M
$10.69M – $14.26M
NOI $855,580 @ 7.0% cap · market cap 9.51%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
32
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
6,593
Businesses Nearby
Explore this area
Business Placement
Demographics for 10468, NY
78,238
Population
29,553
Households
2.6
Avg Household Size
35
Median Age
16%
College-Educated
72%
High-School Grad
1.0 sq mi
ZIP Area
78,238
Density / Sq Mi
$46,624
Median Household Income
$29,914
Median Earnings
$1,594
Median Rent
$259,400
Median Home Value
Market
Properties on Market for Apartment buildings in Bronx
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - A fully occupied, newly constructed multifamily property with municipal voucher support across nearly all apartments.
Where is this apartment building located?
The property is located at 3187 Grand Concourse Bronx, NY.
What is the asking price?
The asking price for this property is $9,000,000.
What are key features of this property?
This property features: 32 apartments in a newly constructed, nine‑story elevator building; 25,616 gross square feet; Fully occupied
