Corner Mixed-Use Office-Retail
For Sale
Contact for pricing
509 Willis Avenue, Bronx, NY 10455
Office space sits above ground-floor retail in a corner commercial property with C4-4 (R7-2) zoning.
Property Size17,000 SF
Price / SF$338.24
Days on Market105
Property Features for 509 Willis Avenue
General Information
Standard status
Active
Size
17,000 SF
Class
B
Property subtype
Retail, Office, Mixed Use
Zoning
C4-4 (R7-2)
Investment Type
Value Add
Net Operating Income
$339,926
Building Details
Tenancy
Multi
Listing Agency:
Matthews
(646) 802-0548
Listed By:
DJ Johnston · License #NY 10401229409
Source:
Crexi
Added: May 19
Changed: Aug 30
Last Checked: Aug 30 at 2:04AM
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 Matthews
Investment Insights
Based on property information with market context.
This 17,000-square-foot mixed-use property combines office space on the upper level with retail at ground level. Its corner configuration supports separate commercial functions within one asset, while the existing office-over-retail arrangement provides a clear division between uses.
Located at 509 Willis Avenue in the Bronx, the property carries C4-4 (R7-2) zoning. The asset is offered on a fully free-market basis, and the property information identifies potential for residential conversion.
Located at 509 Willis Avenue in the Bronx, the property carries C4-4 (R7-2) zoning. The asset is offered on a fully free-market basis, and the property information identifies potential for residential conversion.
Key Highlights
- 17,000‑square‑foot mixed‑use property
- Office space positioned above ground‑floor retail
- Corner property at 509 Willis Avenue, Bronx, NY 10455
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
$425,723
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
7.40%
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%
$8,514,460
$8.5M
Cap Rate 7%
$6,081,757
$6.1M
Cap Rate 9%
$4,730,256
$4.7M
Market Conditions
NOI Build-Up for 17,000 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
$714.0K $42.00/SF
− Vacancy
−$146.4K −$8.61/SF
EGI
$567.6K $33.39/SF
− OpEx
−$141.9K −$8.35/SF
NOI
$425.7K $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%
$8,514,460
Cap Rate 7%
$6,081,757
Cap Rate 9%
$4,730,256
Alternative Uses
Best Use
Office B
$6.08M
$5.32M – $7.10M
NOI $425,723 @ 7.0% cap · market cap 7.40%
Second Best
Retail
$5.11M
$4.47M – $5.96M
NOI $357,857 @ 7.0% cap · market cap 6.22%
Theoretical Best
Warehouse
$11.78M
$10.31M – $13.74M
NOI $824,586 @ 7.0% cap · market cap 14.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
6,080
Businesses Nearby
Explore this area
Business Placement
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
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Office space sits above ground-floor retail in a corner commercial property with C4-4 (R7-2) zoning.
Where is this mixed-use property located?
The property is located at 509 Willis Avenue Bronx, NY.
What is the asking price?
The asking price for this property is $5,750,000.
What are key features of this property?
This property features: 17,000‑square‑foot mixed‑use property; Office space positioned above ground‑floor retail; Corner property at 509 Willis Avenue, Bronx, NY 10455
