Residential Income Property with
For Sale
$849,000
640 W 237TH Street 11A, Bronx, NY 10463
Two-bedroom condominium with expansive glazing, elevated ceilings, and full-service building amenities.
Property Size1,427 SF
Price / SF$594.95
Days on Market760
Property Features for 640 W 237TH Street 11A
General Information
Standard status
Active
Size
1,427 SF
Property subtype
Apartment
Units
Unit Mix
2BR/2BA
Multifamily Units
1
Additional Details
HOA Fee
$107.45
Public Transit
Yes
Amenities
top of the line appliances
European Shaker-style cabinetry
washer/dryer
California closet designed
private balcony
radiant heated floors
24 hour concierge
fitness center
lounge & entertainment center
landscaped roof deck
children's playroom
Building Details
Building Size
1,427 SF
Year Built
2007
Listing Agency:
Brown Harris Stevens Riverdale LLC
(212) 381-2485
Listed By:
Sandhya N Tidke
(212) 381-2485
Source:
Carlinwright
Added: Jul 26, 2024
Changed: Aug 23
Last Checked: Aug 24 at 3:03PM
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 1,427-square-foot residential income property is configured as a two-bedroom, two-bathroom condominium at Solaria. The home features 10-foot ceilings, floor-to-ceiling windows, a private balcony, in-unit washer and dryer, California Closet storage systems, and a windowed kitchen with premium appliances and wood cabinetry. The primary bathroom includes radiant-heated flooring and a soaking tub.
Building amenities include 24-hour concierge service, a fitness center, resident lounge and entertainment space, landscaped roof deck, and children’s playroom. The property is four blocks from central Riverdale’s restaurants, shops, and services. Bus service is available at the corner, with connections to the 1, 4, and A trains and Metro-North Station, which reaches Grand Central in 25 minutes. The building was completed in 2007.
Building amenities include 24-hour concierge service, a fitness center, resident lounge and entertainment space, landscaped roof deck, and children’s playroom. The property is four blocks from central Riverdale’s restaurants, shops, and services. Bus service is available at the corner, with connections to the 1, 4, and A trains and Metro-North Station, which reaches Grand Central in 25 minutes. The building was completed in 2007.
Key Highlights
- 1,427 SF two‑bedroom, two‑bathroom condominium
- Private balcony with views toward the Long Island Sound, Hudson River, and Palisades
- 10‑foot ceilings and floor‑to‑ceiling 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
$32,826
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
3.87%
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%
$656,520
$656.5K
Cap Rate 7%
$468,943
$468.9K
Cap Rate 9%
$364,733
$364.7K
Market Conditions
NOI Build-Up for 1,427 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
$63.4K $44.40/SF
− Vacancy
−$3.7K −$2.58/SF
EGI
$59.7K $41.82/SF
− OpEx
−$26.9K −$18.82/SF
NOI
$32.8K $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%
$656,520
Cap Rate 7%
$468,943
Cap Rate 9%
$364,733
Alternative Uses
Best Use
Apartment 5plus
$468.9K
$410.3K – $547.1K
NOI $32,826 @ 7.0% cap · market cap 3.87%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$988.8K
$865.2K – $1.15M
NOI $69,217 @ 7.0% cap · market cap 8.15%
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
2,190
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 - Two-bedroom condominium with expansive glazing, elevated ceilings, and full-service building amenities.
Where is this residential income property located?
The property is located at 640 W 237TH Street 11A Bronx, NY.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: 1,427 SF two‑bedroom, two‑bathroom condominium; Private balcony with views toward the Long Island Sound, Hudson River, and Palisades; 10‑foot ceilings and floor‑to‑ceiling windows
