Residential Income
For Sale
$370,000
640 231ST ST, Bronx, NY 10463
Elevator-served co-op residence with renovated bathrooms, abundant windows, and flexible living space.
Property Size1,200 SF
Price / SF$308.33
Days on Market405
Property Features for 640 231ST ST
General Information
Standard status
Active
Size
1,200 SF
Property subtype
Apartment
Amenities
Window Air Conditioning
Dishwasher
3
Elevator
Greenbelt
Green Belt.
Building Details
Year Built
1953
Listing Agency:
Brown Harris Stevens Riverdale LLC
(718) 878-1700
Listed By:
Sandhya Tidke
(917) 701-3682
Source:
Xome
Added: Jul 29, 2025
Changed: Sep 4
Last Checked: Sep 5 at 3:38AM
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 Riverdale LLC
Investment Insights
Based on property information with market context.
This fifth-floor co-op residence at The Fairfield offers 1,200 square feet with two bedrooms and two full bathrooms. The layout includes a foyer, a combined living and dining area, a windowed eat-in kitchen, and generous closet space. The primary bedroom has dual exposures and a renovated en-suite bathroom, while the second bedroom accommodates a bed and desk. A second renovated full bathroom also includes a window. Fresh paint and multiple exposures add to the interior appeal, with window air conditioning and a dishwasher among the listed features.
The building was constructed in 1953 and includes elevator service. The property is identified as pet-friendly and features a greenbelt setting. Transit access includes the Metro-North shuttle stop and Bx10, BxM1, and BxM2 bus routes, with retail, pharmacies, restaurants, and other shops nearby along West 231st Street in the Bronx.
The building was constructed in 1953 and includes elevator service. The property is identified as pet-friendly and features a greenbelt setting. Transit access includes the Metro-North shuttle stop and Bx10, BxM1, and BxM2 bus routes, with retail, pharmacies, restaurants, and other shops nearby along West 231st Street in the Bronx.
Key Highlights
- 1,200‑square‑foot fifth‑floor co‑op residence
- Two bedrooms and two full bathrooms
- Renovated en‑suite and second full bathroom, both with windows
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
$27,604
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
7.46%
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%
$552,080
$552.1K
Cap Rate 7%
$394,343
$394.3K
Cap Rate 9%
$306,711
$306.7K
Market Conditions
NOI Build-Up for 1,200 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
$53.3K $44.40/SF
− Vacancy
−$3.1K −$2.58/SF
EGI
$50.2K $41.82/SF
− OpEx
−$22.6K −$18.82/SF
NOI
$27.6K $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%
$552,080
Cap Rate 7%
$394,343
Cap Rate 9%
$306,711
Alternative Uses
Best Use
Apartment 5plus
$394.3K
$345.1K – $460.1K
NOI $27,604 @ 7.0% cap · market cap 7.46%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$831.5K
$727.6K – $970.1K
NOI $58,206 @ 7.0% cap · market cap 15.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,627
Businesses Nearby
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Elevator-served co-op residence with renovated bathrooms, abundant windows, and flexible living space.
Where is this residential income property located?
The property is located at 640 231ST ST Bronx, NY.
What is the asking price?
The asking price for this property is $370,000.
What are key features of this property?
This property features: 1,200‑square‑foot fifth‑floor co‑op residence; Two bedrooms and two full bathrooms; Renovated en‑suite and second full bathroom, both with windows
