Updated Three-Bedroom
New
For Sale
$480,000
640 W 231ST Street 5H, Bronx, NY 10463
A 1,350-square-foot home offers a windowed kitchen and bathrooms in a building with a live-in superintendent.
Property Size1,350 SF
Price / SF$355.56
Days on Market4
Property Features for 640 W 231ST Street 5H
General Information
Standard status
Active
Size
1,350 SF
Property subtype
Apartment
Building Details
Building Size
1,350 SF
Year Built
1953
Listing Agency:
Brown Harris Stevens Riverdale LLC
Listed By:
Lee Moskof
(718) 878-1921
Source:
Howardhannanyc
Added: Sep 28
Changed: Oct 1
Last Checked: Oct 1 at 1:59PM
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 1,350-square-foot residence has three bedrooms and two bathrooms. Updates have been completed, and the kitchen and bathrooms each have windows. The building, constructed in 1953, has a live-in superintendent and parking available through a waitlist. Pets are permitted subject to weight restrictions.
The property is in South Riverdale, near local and express bus service, Metro-North, shops, restaurants, schools, and parks.
The property is in South Riverdale, near local and express bus service, Metro-North, shops, restaurants, schools, and parks.
Key Highlights
- 1,350‑square‑foot residence with three bedrooms and two bathrooms
- Updated interior with a windowed kitchen and windowed bathrooms
- Building constructed in 1953
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
$31,055
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
6.47%
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%
$621,100
$621.1K
Cap Rate 7%
$443,643
$443.6K
Cap Rate 9%
$345,056
$345.1K
Market Conditions
NOI Build-Up for 1,350 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
$59.9K $44.40/SF
− Vacancy
−$3.5K −$2.58/SF
EGI
$56.5K $41.82/SF
− OpEx
−$25.4K −$18.82/SF
NOI
$31.1K $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%
$621,100
Cap Rate 7%
$443,643
Cap Rate 9%
$345,056
Alternative Uses
Best Use
Apartment 5plus
$443.6K
$388.2K – $517.6K
NOI $31,055 @ 7.0% cap · market cap 6.47%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$935.5K
$818.5K – $1.09M
NOI $65,482 @ 7.0% cap · market cap 13.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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
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Frequently Asked Questions
What type of property is this?
Residential income property - A 1,350-square-foot home offers a windowed kitchen and bathrooms in a building with a live-in superintendent.
Where is this residential income property located?
The property is located at 640 W 231ST Street 5H Bronx, NY.
What is the asking price?
The asking price for this property is $480,000.
What are key features of this property?
This property features: 1,350‑square‑foot residence with three bedrooms and two bathrooms; Updated interior with a windowed kitchen and windowed bathrooms; Building constructed in 1953
