3218 Third Avenue, Bronx, NY 10451

Building Details

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Stories 1 More

Tenancy Multi More

Listing Agency: Landair Advisors

Listed By: Maha Alaoui · License NY #10401392848 Show Phone

Source: Crexi

Added: Oct 29 Changed: Nov 8 Last Checked: Nov 8 at 4:12PM

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Investment Insights

Based on property information with market context.

At 3218 Third Avenue, this single-story retail property in the Bronx contains two ground-floor units and 25 feet of street frontage. One space measures 1,811 square feet and is leased through 2032; the other, measuring 680 square feet, will be delivered vacant. The property is zoned C4-4, equivalent to R7-2.

Key Highlights

• Two ground‑floor retail units in a single‑story building
• 25 feet of frontage on Third Avenue
• 1,811‑square‑foot unit leased through 2032

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$54,205

Cap Rate

3.74%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,084,100 $1.1M

Cap Rate 7%

$774,357 $774.4K

Cap Rate 9%

$602,278 $602.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,575 SF

Gross rent

$86.5K $33.60/SF

− Vacancy

−$9.1K −$3.53/SF

EGI

$77.4K $30.07/SF

− OpEx

−$23.2K −$9.02/SF

NOI

$54.2K $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 Rate 5%

$1,084,100

Cap Rate 7%

$774,357

Cap Rate 9%

$602,278

Alternative Uses

Best Use

Retail

$774.4K

$677.6K – $903.4K (±1% cap)

NOI $54,205 @ 7.0% cap · market cap 3.74%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.23M

$1.08M – $1.43M (±1% cap)

NOI $86,006 @ 7.0% cap · market cap 5.93%

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

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Panda Restaurant ZA TOBACCO SHOP (Bike/Boat/Book/etc) Store

Suggested Use

Top Pick Real Estate Agency Gym & Fitness Center Acupuncture Skin Care Clinic Computer & Electronic Repair Bar & Pub

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

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

5,767

Businesses Nearby

208k

Monthly Visits Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Groceries 44% Dining 28% Shops & Services 22% Apparel 3%

Food Bazaar Supermarket Groceries

41,030 visits/mo 0.2 miles

Western Beef Groceries

23,969 visits/mo 0.4 miles

Aldi Groceries

22,887 visits/mo 0.4 miles

McDonald's Dining

20,833 visits/mo 0.1 miles

BP Shops & Services

18,014 visits/mo 0.1 miles

Demographics for 10451, NY

51,536

Population

21,850

Households

2.4

Avg Household Size

36

Median Age

21%

College-Educated

74%

High-School Grad

1.1 sq mi

ZIP Area

46,851

Density / Sq Mi

$37,111

Median Household Income

$35,765

Median Earnings

$1,269

Median Rent

$263,500

Median Home Value

Market

Properties on Market for Storefront properties in Bronx

Jul

Aug

Sep

Oct

Vacancy Rate% for Retail in Northeast region

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

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Frequently Asked Questions

What type of property is this?

Storefront property - One space is leased through 2032, while the other is available for occupancy or a new tenancy.

Where is this storefront property located?

The property is located at 3218 Third Avenue Bronx, NY.

What is the asking price?

The asking price for this property is $1,450,000.

What are key features of this property?

This property features: Two ground‑floor retail units in a single‑story building; 25 feet of frontage on Third Avenue; 1,811‑square‑foot unit leased through 2032