Two-Bedroom Residential Income
For Sale
$370,000
640 W 231ST Street 5D, Bronx, NY 10463
Fifth-floor co-op residence with two full bathrooms, flexible living areas, and abundant natural light.
Property Size1,200 SF
Price / SF$308.33
Days on Market340
Property Features for 640 W 231ST Street 5D
General Information
Standard status
Active
Size
1,200 SF
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Building Details
Building Size
1,200 SF
Year Built
1953
Listing Agency:
Brown Harris Stevens Riverdale LLC
(212) 381-2485
Listed By:
Sandhya N Tidke
(212) 381-2485
Source:
Howardhannanyc
Added: Sep 10, 2025
Changed: Aug 14
Last Checked: Aug 15 at 12:28PM
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 a two-bedroom, two-bath layout with a welcoming foyer, separate living and dining areas, and multiple exposures. The windowed eat-in kitchen includes two sets of windows and substantial cabinet storage. Both bathrooms receive natural light and ventilation; the en-suite bath serving the primary bedroom has been renovated, as has the second full bathroom. Fresh paint and generous closet space add practical functionality throughout the home.
The property is located at 640 W 231ST Street in the Riverdale section of the Bronx, within a pet-friendly cooperative building established in 1953. Transit access includes the Metro-North shuttle and Bx10, BxM1, and BxM2 bus routes to Midtown Manhattan. Starbucks, CVS, Rite Aid, Key Food, restaurants, and shops are also identified nearby.
The residence provides adaptable space for a home office, guest room, or everyday living, with a large central living area and a second bedroom sized for a full-size bed and desk.
The property is located at 640 W 231ST Street in the Riverdale section of the Bronx, within a pet-friendly cooperative building established in 1953. Transit access includes the Metro-North shuttle and Bx10, BxM1, and BxM2 bus routes to Midtown Manhattan. Starbucks, CVS, Rite Aid, Key Food, restaurants, and shops are also identified nearby.
The residence provides adaptable space for a home office, guest room, or everyday living, with a large central living area and a second bedroom sized for a full-size bed and desk.
Key Highlights
- Two‑bedroom, two‑bath co‑op residence on the fifth floor
- Primary bedroom includes dual exposures and a renovated en‑suite bathroom
- Second full bathroom is renovated and windowed for natural ventilation
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
Property Profile
Current Use
Lease Details
1
Residential units
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 - Fifth-floor co-op residence with two full bathrooms, flexible living areas, and abundant natural light.
Where is this residential income property located?
The property is located at 640 W 231ST Street 5D 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: Two‑bedroom, two‑bath co‑op residence on the fifth floor; Primary bedroom includes dual exposures and a renovated en‑suite bathroom; Second full bathroom is renovated and windowed for natural ventilation
