Two-Story Medical Office
For Sale
Contact for pricing
3765 Riverdale Avenue, Bronx, NY 10463
Elevator-served medical office property with gross-leased suites and flexibility for owner occupancy.
Property Size11,000 SF
Price / SF$409.09
Days on Market54
Property Features for 3765 Riverdale Avenue
General Information
Standard status
Active
Size
11,000 SF
Class
B
Property subtype
Office, Land
Zoning
R6 with C1-2 commercial overlay
Occupancy
87%
Lease Type
Gross
Investment Type
Value Add
Net Operating Income
$23,393
Building Details
Year Built
1968
Year Renovated
2001
Buildings
1
Stories
2
Units
8
Tenancy
Multi
Listing Agency:
Andrew Lichtenstein Inc
(917) 365-1800
Listed By:
Andrew Lichtenstein · License #NY 31LI0467407
Source:
Crexi
Added: Jul 9
Changed: Aug 29
Last Checked: Aug 31 at 6:51AM
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 Andrew Lichtenstein Inc
Investment Insights
Based on property information with market context.
Located at 3765 Riverdale Avenue in the Bronx, this 1968 two-story medical office property contains an elevator and eight suites. The building encompasses 11,000 square feet, including 8,943 rentable square feet, with approximately 1,200 square feet available for leasing or owner use.
All suites are structured as gross leases, providing an existing occupancy framework for the asset. The property is zoned R6 with a C1-2 commercial overlay. A potential development concept allows for up to 33,792 square feet, including up to 22,000 square feet of residential space, subject to applicable approvals.
All suites are structured as gross leases, providing an existing occupancy framework for the asset. The property is zoned R6 with a C1-2 commercial overlay. A potential development concept allows for up to 33,792 square feet, including up to 22,000 square feet of residential space, subject to applicable approvals.
Key Highlights
- Eight medical office suites in a two‑story elevator building
- 11,000‑square‑foot building with 8,943 rentable square feet
- Approximately 1,200 square feet available for tenanting or owner use
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
$275,468
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
6.12%
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%
$5,509,360
$5.5M
Cap Rate 7%
$3,935,257
$3.9M
Cap Rate 9%
$3,060,756
$3.1M
Market Conditions
NOI Build-Up for 11,000 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
$462.0K $42.00/SF
− Vacancy
−$94.7K −$8.61/SF
EGI
$367.3K $33.39/SF
− OpEx
−$91.8K −$8.35/SF
NOI
$275.5K $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%
$5,509,360
Cap Rate 7%
$3,935,257
Cap Rate 9%
$3,060,756
Alternative Uses
Best Use
Office B
$3.94M
$3.44M – $4.59M
NOI $275,468 @ 7.0% cap · market cap 6.12%
Second Best
Healthcare Medical
$3.26M
$2.85M – $3.80M
NOI $228,096 @ 7.0% cap · market cap 5.07%
Theoretical Best
Warehouse
$7.62M
$6.67M – $8.89M
NOI $533,556 @ 7.0% cap · market cap 11.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,467
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 10463, NY
71,301
Population
30,602
Households
2.3
Avg Household Size
41
Median Age
44%
College-Educated
85%
High-School Grad
2.8 sq mi
ZIP Area
25,465
Density / Sq Mi
$72,952
Median Household Income
$48,409
Median Earnings
$1,611
Median Rent
$352,200
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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- Pet Surgery Center of New York — 630 W 246th St Suite 1424, Bronx, NY 10471
Frequently Asked Questions
What type of property is this?
Medical Office Space - Elevator-served medical office property with gross-leased suites and flexibility for owner occupancy.
Where is this medical office space located?
The property is located at 3765 Riverdale Avenue Bronx, NY.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: Eight medical office suites in a two‑story elevator building; 11,000‑square‑foot building with 8,943 rentable square feet; Approximately 1,200 square feet available for tenanting or owner use
