Mixed-Use Building with Tax
For Sale
$2,550,000
651 Courtlandt Ave The, Bronx, NY 10451
Four-story mixed-use building with stores and apartments, tax abatement.
Property Size11,094 SF
Days on Market155
Property Features for 651 Courtlandt Ave The
General Information
Standard status
Active
Size
11,094 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$20,876
Building Details
Building Size
11,094 SF
Year Built
2006
Listing Agency:
Canaan Realty International
(917) 577-3703
Listed By:
Xue Q. Gao · License #10311204252
(917) 577-3703
Source:
Elliman
Added: Mar 10
Changed: Aug 8
Last Checked: Aug 8 at 6:22AM
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 Canaan Realty International
Investment Insights
Based on property information with market context.
This is a four-story brick mixed-use building featuring two stores and six apartments. All apartments are free market rentals. The property benefits from a tax abatement with six years remaining. Utilities are separate, with eight gas boilers and nine electric meters. The first floor includes a store on each side. The second and third floors each contain two apartments, with each apartment featuring one bedroom, a living room, and one bathroom. The fourth floor has two apartments, each with two bedrooms, a living room, and two bathrooms. The property generates a gross annual income of $216,000, with expenses of $43,500, resulting in a net annual income of $172,500.
Key Highlights
- High Net Operating Income: $172,500/Year
- Free Market Apartments: All 6 apartments are free market, allowing for maximum rental income potential.
- Remaining Tax Abatement: 6 years of tax abatement, significantly reducing operating expenses.
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
$233,533
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
9.16%
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%
$4,670,660
$4.7M
Cap Rate 7%
$3,336,186
$3.3M
Cap Rate 9%
$2,594,811
$2.6M
Market Conditions
NOI Build-Up for 11,094 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
$372.8K $33.60/SF
− Vacancy
−$39.1K −$3.53/SF
EGI
$333.6K $30.07/SF
− OpEx
−$100.1K −$9.02/SF
NOI
$233.5K $21.05/SF
Area
Bronx, NY
Vacancy
10.50%
Lease Rate
$33.60 /SF/Yr
Expense Ratio
30.00%
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%
$4,670,660
Cap Rate 7%
$3,336,186
Cap Rate 9%
$2,594,811
Alternative Uses
Best Use
Apartment 5plus
$3.65M
$3.19M – $4.25M
NOI $255,202 @ 7.0% cap · market cap 10.01%
Second Best
Retail
$3.34M
$2.92M – $3.89M
NOI $233,533 @ 7.0% cap · market cap 9.16%
Theoretical Best
Warehouse
$7.69M
$6.73M – $8.97M
NOI $538,115 @ 7.0% cap · market cap 21.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,269
Businesses Nearby
Explore this area
Business Placement
Demographics for 10451, NY
51,536
Population
21,850
Households
2.4
Avg Household Size
36
Median Age
21%
College-Educated
74%
High-School Grad
1.1 sq mi
ZIP Area
46,851
Density / Sq Mi
$37,111
Median Household Income
$35,765
Median Earnings
$1,269
Median Rent
$263,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Four-story mixed-use building with stores and apartments, tax abatement.
Where is this mixed-use property located?
The property is located at 651 Courtlandt Ave The Bronx, NY.
What is the asking price?
The asking price for this property is $2,550,000.
What are key features of this property?
This property features: High Net Operating Income: **$172,500/Year**; Free Market Apartments: All 6 apartments are free market, allowing for maximum rental income potential.; Remaining Tax Abatement: **6 years of tax abatement**, significantly reducing operating expenses.
