Landmarked Office Building with
For Sale
$49,500,000
558 Grand Concourse, Bronx, NY 10451
Pre-war landmarked office building on a full city block, offering expansive floor plates, high ceilings, and drive-in parking.
Property Size172,894 SF
Lot Size1.25 Acres
Price / SF$286.30
Days on Market201
Property Features for 558 Grand Concourse
General Information
Standard status
Active
Size
172,894 SF
Class
A
Total Parking Spaces
39
Lot size
1.25 Acres
Property subtype
Multi Tenant Office
Amenities
outdoor terrace
Building Details
Building Size
172,894 SF
Stories
4
Listing Agency:
Avison Young - New York
Listed By:
James Nelson · License #10301211302
(212) 729-6585
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 10
Last Checked: Jul 23 at 6:04PM
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 Avison Young - New York
Investment Insights
Based on property information with market context.
558 Grand Concourse is a pre-war, landmarked commercial office property encompassing an entire city block in the South Bronx. The building includes 4 stories plus a rooftop penthouse, totaling approximately 172,894 GSF, and features expansive floor plates ranging from just under 30,000 GSF to over 50,000 GSF. Typical configurations include 44+ foot column spacing and 19-foot ceilings on the first and second floors. The property also offers large outdoor terrace space on the first, third, and penthouse levels.
The site is located between East 149th and 150th Streets and is presented as the former Bronx Post Office. Drive-in parking includes 39 spaces, with the ability to expand the ground-floor parking footprint to accommodate up to 176 spaces using double-height stackers.
Available for purchase, this full-block landmarked asset includes exterior and partial interior landmark protections, positioning it as a distinctive Class-A office redevelopment opportunity with substantial interior volume and distinctive ceiling heights.
The site is located between East 149th and 150th Streets and is presented as the former Bronx Post Office. Drive-in parking includes 39 spaces, with the ability to expand the ground-floor parking footprint to accommodate up to 176 spaces using double-height stackers.
Available for purchase, this full-block landmarked asset includes exterior and partial interior landmark protections, positioning it as a distinctive Class-A office redevelopment opportunity with substantial interior volume and distinctive ceiling heights.
Key Highlights
- Full‑block, pre‑war landmarked commercial property (exterior and partial interior) at 558 Grand Concourse in the South Bronx
- ~1.25 acres of land with 172,894 GSF across 4 stories plus a rooftop penthouse
- Expansive floor plates of ~30,000+ to 50,000+ GSF with 44+ ft column spacing and 19‑ft ceilings on the first and second floors
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
$4,329,698
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
8.75%
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%
$86,593,960
$86.6M
Cap Rate 7%
$61,852,829
$61.9M
Cap Rate 9%
$48,107,756
$48.1M
Market Conditions
NOI Build-Up for 172,894 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
$7.26M $42.00/SF
− Vacancy
−$1.49M −$8.61/SF
EGI
$5.77M $33.39/SF
− OpEx
−$1.44M −$8.35/SF
NOI
$4.33M $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%
$86,593,960
Cap Rate 7%
$61,852,829
Cap Rate 9%
$48,107,756
Alternative Uses
Best Use
Office B
$61.85M
$54.12M – $72.16M
NOI $4,329,698 @ 7.0% cap · market cap 8.75%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$119.80M
$104.83M – $139.77M
NOI $8,386,237 @ 7.0% cap · market cap 16.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,555
Businesses Nearby
Explore this area
Business Placement
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
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Pre-war landmarked office building on a full city block, offering expansive floor plates, high ceilings, and drive-in parking.
Where is this office building located?
The property is located at 558 Grand Concourse Bronx, NY.
What is the asking price?
The asking price for this property is $49,500,000.
What are key features of this property?
This property features: Full‑block, pre‑war landmarked commercial property (exterior and partial interior) at 558 Grand Concourse in the South Bronx; ~1.25 acres of land with 172,894 GSF across 4 stories plus a rooftop penthouse; Expansive floor plates of ~30,000+ to 50,000+ GSF with 44+ ft column spacing and 19‑ft ceilings on the first and second floors
