Waterfront Residential Income
For Sale
$1,265,000
51 ISLAND Point 51, Bronx, NY 10464
Renovated condominium residence in a gated waterfront community with private outdoor space, garage parking, and refined interior finishes.
Property Size2,234 SF
Price / SF$566.25
Days on Market58
Property Features for 51 ISLAND Point 51
General Information
Standard status
Active
Size
2,234 SF
Property subtype
Duplex
Building Details
Building Size
2,234 SF
Listing Agency:
Brown Harris Stevens Residential Sales LLC
(212) 381-2553
Listed By:
Scottie T Cabrera
(212) 381-2553
Source:
Howardhannanyc
Added: Jun 18
Changed: Aug 5
Last Checked: Aug 13 at 11:10AM
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 Brown Harris Stevens Residential Sales LLC
Investment Insights
Based on property information with market context.
This renovated residential income property is a 2,234-square-foot condominium residence with three bedrooms and four bathrooms. The interior features high ceilings, hardwood floors, custom millwork, crown molding, decorative shelving, and a marble gas fireplace. A designer kitchen includes stainless steel appliances and custom cabinetry, while a built-in wine and bar closet adds dedicated entertaining space. Each bedroom has an en-suite bathroom, and the primary suite includes bay windows, two closets, and a spa-style bath with a walk-in shower, dual vanity, and touchless bidet toilet. A separate laundry room provides a washer and dryer along with additional storage.
The residence is located within a private gated community on City Island, a waterfront setting surrounded by marinas, yacht clubs, waterfront parks, and seafood restaurants. Outdoor amenities include a spacious private balcony, plus a private garage and driveway parking. Smart lighting controls and contemporary fixtures complement the home's updated design.
The residence is located within a private gated community on City Island, a waterfront setting surrounded by marinas, yacht clubs, waterfront parks, and seafood restaurants. Outdoor amenities include a spacious private balcony, plus a private garage and driveway parking. Smart lighting controls and contemporary fixtures complement the home's updated design.
Key Highlights
- 2,234‑square‑foot condominium residence with 3 bedrooms and 4 bathrooms
- Renovated interior with hardwood flooring, custom millwork, crown molding, and marble gas fireplace
- Designer kitchen with stainless steel appliances and custom cabinetry
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
$51,390
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
4.06%
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%
$1,027,800
$1.0M
Cap Rate 7%
$734,143
$734.1K
Cap Rate 9%
$571,000
$571.0K
Market Conditions
NOI Build-Up for 2,234 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
$99.2K $44.40/SF
− Vacancy
−$5.8K −$2.58/SF
EGI
$93.4K $41.82/SF
− OpEx
−$42.0K −$18.82/SF
NOI
$51.4K $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 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%
$1,027,800
Cap Rate 7%
$734,143
Cap Rate 9%
$571,000
Alternative Uses
Best Use
Apartment 5plus
$734.1K
$642.4K – $856.5K
NOI $51,390 @ 7.0% cap · market cap 4.06%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$1.55M
$1.35M – $1.81M
NOI $108,360 @ 7.0% cap · market cap 8.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
41
Businesses Nearby
Explore this area
Business Placement
Demographics for 10464, NY
4,592
Population
2,255
Households
2
Avg Household Size
50
Median Age
46%
College-Educated
94%
High-School Grad
3.1 sq mi
ZIP Area
1,481
Density / Sq Mi
$100,306
Median Household Income
$70,148
Median Earnings
$1,993
Median Rent
$667,600
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Renovated condominium residence in a gated waterfront community with private outdoor space, garage parking, and refined interior finishes.
Where is this residential income property located?
The property is located at 51 ISLAND Point 51 Bronx, NY.
What is the asking price?
The asking price for this property is $1,265,000.
What are key features of this property?
This property features: 2,234‑square‑foot condominium residence with 3 bedrooms and 4 bathrooms; Renovated interior with hardwood flooring, custom millwork, crown molding, and marble gas fireplace; Designer kitchen with stainless steel appliances and custom cabinetry
