Building Details

Building Size 17,000 SF

Year Built 2018

Units 28

Listing Agency: Blue Key Real Estate Brokerage

Listed By: Reginald Brannen · License #40BR1116315 Show Phone

Source: Elliman

Added: Nov 28, 2025 Changed: Sep 27 Last Checked: Oct 5 at 6:39PM

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Investment Insights

Based on property information with market context.

Located in the Williamsbridge section of the Bronx, this 28-unit property offers strong cash flow and modern amenities. The property benefits from a 421a Tax Abatement. All units are fully electric, with tenants responsible for all utilities. Each unit is equipped with individual hot water tanks, stainless steel appliances, and Mitsubishi split-unit heating & cooling systems. A studio supers unit is also included. Additional features include digital video intercoms in each unit, interior & exterior surveillance cameras, and 24 outdoor parking spaces. The property has low operating expenses. The Net Operating Income is $705,068 with a Net Cap Rate of 6.1%. This is a turn-key asset in a thriving Bronx neighborhood.

Key Highlights

• Strong Cash Flow with a $705,068 NOI and 6.1% Net Cap Rate.
• 421a Tax Abatement in place.
• 28 Units with Modern Amenities: Stainless steel appliances, Mitsubishi split‑unit heating & cooling, and digital video intercoms.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$679,071

Cap Rate

6.29%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$13,581,420 $13.6M

Cap Rate 7%

$9,701,014 $9.7M

Cap Rate 9%

$7,545,233 $7.5M

Market Conditions

NOI Build-Up for 17,000 SF

Gross rent

$1.06M $62.40/SF

− Vacancy

−$90.7K −$5.34/SF

EGI

$970.1K $57.06/SF

− OpEx

−$291.0K −$17.12/SF

NOI

$679.1K $39.95/SF

Area

Bronx, NY

Vacancy

8.55%

Lease Rate

$62.40 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$13,581,420

Cap Rate 7%

$9,701,014

Cap Rate 9%

$7,545,233

Alternative Uses

Best Use

Industrial

$9.70M

$8.49M – $11.32M (±1% cap)

NOI $679,071 @ 7.0% cap · market cap 6.29%

Second Best

Apartment 5plus

$5.59M

$4.89M – $6.52M (±1% cap)

NOI $391,062 @ 7.0% cap · market cap 3.62%

Theoretical Best

Warehouse

$11.78M

$10.31M – $13.74M (±1% cap)

NOI $824,586 @ 7.0% cap · market cap 7.64%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Parking lots & garages

Suggested Use

Top Pick Law Firm Real Estate Agency Parking Lot & Garage Dental Office Gym & Fitness Center Skin Care Clinic

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,946

Businesses Nearby

Explore this area Business Placement

Demographics for 10469, NY

71,571

Population

25,082

Households

2.9

Avg Household Size

39

Median Age

29%

College-Educated

83%

High-School Grad

2.4 sq mi

ZIP Area

29,821

Density / Sq Mi

$76,018

Median Household Income

$45,857

Median Earnings

$1,653

Median Rent

$640,400

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Apartment building - Prime income-producing property with modern amenities and strong cash flow.

Where is this apartment building located?

The property is located at 3530 Mickle Ave The Bronx, NY.

What is the asking price?

The asking price for this property is $10,800,000.

What are key features of this property?

This property features: Strong Cash Flow with a $705,068 NOI and 6.1% Net Cap Rate.; 421a Tax Abatement in place.; 28 Units with Modern Amenities: Stainless steel appliances, Mitsubishi split‑unit heating & cooling, and digital video intercoms.