Longwood Avenue Development
For Sale
$25,000,000
867 Longwood Avenue, Bronx, NY 10459
Large lot suitable for multi-story retail and residential development.
Property Size77,000 SF
Lot Size0.65 Acres
Price / SF$324.68
Days on Market647
Property Features for 867 Longwood Avenue
General Information
Standard status
Active
Size
77,000 SF
Lot size
0.65 Acres
Property subtype
Commercial/Industrial
Taxes and HOA fees
Annual Taxes
$202,201
Building Details
Year Built
2007
Listing Agency:
New Group Realty Inc
(718) 255-9100
Listed By:
Yinzhu Jin · License #10301215494
(718) 909-9596
Source:
Exitrealty
Added: Dec 10, 2024
Changed: Sep 1
Last Checked: Sep 15 at 6:29AM
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 New Group Realty Inc
Investment Insights
Based on property information with market context.
The property located at 867 Longwood Ave, also known as 840 Westchester Ave and 848 Westchester Ave, presents a development opportunity. The zoning is R7-1, C4-1, permitting an additional residential multi-story retail building as of right. The lot encompasses 28,500 square feet with a potential usage of 77,000 square feet. The property includes an indoor on-site parking garage with 75 spots. It is situated at the 3-way intersection of Prospect Avenue, Westchester Avenue, and Longwood Avenue.
Key Highlights
- Zoning R7‑1, C4‑1 permits residential and multi‑story retail building AS OF RIGHT.
- Large 28,500 sq ft lot with a substantial 77,000 sq ft usage area.
- On‑site indoor parking garage with 75 spots.
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
$1,771,280
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
7.09%
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%
$35,425,600
$35.4M
Cap Rate 7%
$25,304,000
$25.3M
Cap Rate 9%
$19,680,889
$19.7M
Market Conditions
NOI Build-Up for 77,000 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
$3.42M $44.40/SF
− Vacancy
−$198.3K −$2.58/SF
EGI
$3.22M $41.82/SF
− OpEx
−$1.45M −$18.82/SF
NOI
$1.77M $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%
$35,425,600
Cap Rate 7%
$25,304,000
Cap Rate 9%
$19,680,889
Alternative Uses
Best Use
Industrial
$43.94M
$38.45M – $51.26M
NOI $3,075,793 @ 7.0% cap · market cap 12.30%
Second Best
Apartment 5plus
$25.30M
$22.14M – $29.52M
NOI $1,771,280 @ 7.0% cap · market cap 7.09%
Theoretical Best
Warehouse
$53.36M
$46.69M – $62.25M
NOI $3,734,891 @ 7.0% cap · market cap 14.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
4,527
Businesses Nearby
192k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 40%
Shops & Services 39%
Groceries 21%
Western Beef
Groceries
23,969 visits/mo
0.5 miles
White Castle
Dining
21,075 visits/mo
0.4 miles
BP
Shops & Services
17,603 visits/mo
0.3 miles
Dollar Tree
Shops & Services
17,410 visits/mo
0.5 miles
McDonald's
Dining
17,076 visits/mo
0.5 miles
Demographics for 10459, NY
50,984
Population
18,678
Households
2.7
Avg Household Size
34
Median Age
14%
College-Educated
68%
High-School Grad
0.8 sq mi
ZIP Area
63,730
Density / Sq Mi
$39,276
Median Household Income
$30,200
Median Earnings
$1,285
Median Rent
$589,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
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Frequently Asked Questions
What type of property is this?
Commercial land - Large lot suitable for multi-story retail and residential development.
Where is this commercial land located?
The property is located at 867 Longwood Avenue Bronx, NY.
What is the asking price?
The asking price for this property is $25,000,000.
What are key features of this property?
This property features: Zoning R7‑1, C4‑1 permits residential and multi‑story retail building AS OF RIGHT.; Large 28,500 sq ft lot with a substantial 77,000 sq ft usage area.; On‑site indoor parking garage with 75 spots.
