Residential Income Property with River
For Sale
$1,499,000
640 W 237TH Street 15C, Bronx, NY 10463
A condominium residence with three bedrooms, private outdoor space, and extensive full-service building amenities.
Property Size1,996 SF
Price / SF$751
Days on Market61
Property Features for 640 W 237TH Street 15C
General Information
Standard status
Active
Size
1,996 SF
Property subtype
Apartment
Units
Unit Mix
1 x 3BR/3.5BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Amenities
fitness center
residents' lounge with Wi-Fi
meeting and seating areas
catering kitchen
media center
communal rooftop terrace
24-hour doorman
package room
refrigerated storage
in-unit washer and vented dryer
commercial washer and dryer
wraparound terrace
Building Details
Building Size
1,996 SF
Year Built
2007
Listing Agency:
Brown Harris Stevens Riverdale LLC
Listed By:
Sandhya N Tidke
(212) 381-2485
Source:
Howardhannanyc
Added: Jul 6
Changed: Sep 2
Last Checked: Sep 2 at 9:21PM
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 1,996-square-foot condominium residence, built in 2007, includes three bedrooms, 3.5 bathrooms, six closets, and a wraparound terrace. Floor-to-ceiling windows face the Hudson River and Palisades, while Brazilian hardwood flooring, an eat-in kitchen, Viking gas range, dishwasher, granite counters, and a newer refrigerator define the interior. The primary suite includes terrace access and a bathroom with radiant heated floors, soaking tub, glass shower, and double sinks. An in-unit washer and vented dryer add convenience.
Building services and shared spaces include 24-hour doorman coverage, a fitness center, resident lounge, media center, catering kitchen, package room, refrigerated grocery-delivery storage, and a communal rooftop terrace. The property is three blocks from central Riverdale and near parks, schools, the library, and Wave Hill. Metro-North Rail Link service and local and express buses stop on the block.
Building services and shared spaces include 24-hour doorman coverage, a fitness center, resident lounge, media center, catering kitchen, package room, refrigerated grocery-delivery storage, and a communal rooftop terrace. The property is three blocks from central Riverdale and near parks, schools, the library, and Wave Hill. Metro-North Rail Link service and local and express buses stop on the block.
Key Highlights
- 1,996‑square‑foot condominium residence with three bedrooms and 3.5 bathrooms
- Wraparound terrace with private access from the primary suite
- Hudson River and Palisades views through 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
$45,915
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
3.06%
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%
$918,300
$918.3K
Cap Rate 7%
$655,929
$655.9K
Cap Rate 9%
$510,167
$510.2K
Market Conditions
NOI Build-Up for 1,996 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
$88.6K $44.40/SF
− Vacancy
−$5.1K −$2.58/SF
EGI
$83.5K $41.82/SF
− OpEx
−$37.6K −$18.82/SF
NOI
$45.9K $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%
$918,300
Cap Rate 7%
$655,929
Cap Rate 9%
$510,167
Alternative Uses
Best Use
Apartment 5plus
$655.9K
$573.9K – $765.3K
NOI $45,915 @ 7.0% cap · market cap 3.06%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$1.38M
$1.21M – $1.61M
NOI $96,816 @ 7.0% cap · market cap 6.46%
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 - A condominium residence with three bedrooms, private outdoor space, and extensive full-service building amenities.
Where is this residential income property located?
The property is located at 640 W 237TH Street 15C Bronx, NY.
What is the asking price?
The asking price for this property is $1,499,000.
What are key features of this property?
This property features: 1,996‑square‑foot condominium residence with three bedrooms and 3.5 bathrooms; Wraparound terrace with private access from the primary suite; Hudson River and Palisades views through floor‑to‑ceiling windows
