Building Details

Building Size 11,094 SF

Year Built 2006

Buildings 1

Stories 4

Construction brick

Listing Agency: Canaan Realty International Show Phone

Listed By: Xue Q. Gao · License #10311204252 Show Phone

Source: Croninreale

Added: Dec 9, 2025 Changed: Oct 23 Last Checked: Oct 23 at 9:55AM

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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

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Investment Insights

Based on property information with market context.

At 651 Courtlandt Avenue, this four-story brick mixed-use building contains 11,094 square feet and was built in 2006. Two storefronts occupy the ground floor, with six apartments across the three upper levels. The second and third floors each have two one-bedroom apartments; the fourth floor contains two two-bedroom apartments, each with two bathrooms.

The apartments are offered at free-market rents. Utilities are separately metered, with 8 gas boilers and 9 electric meters serving the property. A tax abatement has six years remaining.

Key Highlights

• 11,094‑square‑foot, four‑story brick building built in 2006
• Two ground‑floor storefronts and six apartments
• Four one‑bedroom apartments and two two‑bedroom apartments, each with two bathrooms

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$233,533

Cap Rate

9.16%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,670,660 $4.7M

Cap Rate 7%

$3,336,186 $3.3M

Cap Rate 9%

$2,594,811 $2.6M

Is this asking price fair?

Market Conditions

NOI Build-Up for 11,094 SF

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 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 (±1% cap)

NOI $255,202 @ 7.0% cap · market cap 10.01%

Second Best

Retail

$3.34M

$2.92M – $3.89M (±1% cap)

NOI $233,533 @ 7.0% cap · market cap 9.16%

Theoretical Best

Warehouse

$7.69M

$6.73M – $8.97M (±1% cap)

NOI $538,115 @ 7.0% cap · market cap 21.10%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Grupo Pald Bank HM Entrepreneurs Corp. Big Box & Wholesale Store J&V COMPANY NYC Financial Advisor Nunez Family nyc ... Financial Advisor Katira Company Marketing & Advertising

Suggested Use

Top Pick Real Estate Agency Gym & Fitness Center Skin Care Clinic Acupuncture Computer & Electronic Repair Travel Agency

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

6

Residential units

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Two ground-floor storefronts sit beneath six free-market apartments, with separate utilities throughout.

Where is this mixed-use property located?

The property is located at 651 Courtlandt Avenue 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: 11,094‑square‑foot, four‑story brick building built in 2006; Two ground‑floor storefronts and six apartments; Four one‑bedroom apartments and two two‑bedroom apartments, each with two bathrooms