Mixed-Use Building in The
For Sale
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598 Grand Concourse The, Bronx, NY 10451
Four-story mixed-use building with commercial and residential units.
Property Size5,857 SF
Price / SF$401.23
Days on Market622
Property Features for 598 Grand Concourse The
General Information
Standard status
Active
Size
5,857 SF
Class
C
Property subtype
Mixed Use, Multifamily, Retail
Zoning
C4-4, Bronx, (O9)
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$159,400
Building Details
Year Built
1929
Buildings
1
Stories
4
Tenancy
Multi
Listing Agency:
American Investment Properties
(516) 393-2300
Listed By:
Ron Koenigsberg CCIM · License #NY 31K00933350
Source:
Crexi
Added: Dec 10, 2024
Changed: Aug 14
Last Checked: Aug 23 at 3:50PM
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 American Investment Properties
Investment Insights
Based on property information with market context.
The property at 598 Grand Concourse, Bronx, NY, is a four-story mixed-use building featuring both commercial and residential units. The building is fully occupied. Zoned C4-4, Bronx, (O9), the property spans 5,857 square feet. The restaurant tenant is responsible for water and sewer expenses, while all tenants cover their electric and heat expenses.
Key Highlights
- Fully‑occupied mixed‑use building.
- Located at 598 Grand Concourse, Bronx, NY.
- Zoned C4‑4, Bronx, (O9).
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
$134,732
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
5.73%
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%
$2,694,640
$2.7M
Cap Rate 7%
$1,924,743
$1.9M
Cap Rate 9%
$1,497,022
$1.5M
Market Conditions
NOI Build-Up for 5,857 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
$260.1K $44.40/SF
− Vacancy
−$15.1K −$2.58/SF
EGI
$245.0K $41.82/SF
− OpEx
−$110.2K −$18.82/SF
NOI
$134.7K $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%
$2,694,640
Cap Rate 7%
$1,924,743
Cap Rate 9%
$1,497,022
Alternative Uses
Best Use
Apartment 5plus
$1.92M
$1.68M – $2.25M
NOI $134,732 @ 7.0% cap · market cap 5.73%
Second Best
Mixed Use
$1.68M
$1.47M – $1.95M
NOI $117,286 @ 7.0% cap · market cap 4.99%
Theoretical Best
Warehouse
$4.06M
$3.55M – $4.73M
NOI $284,094 @ 7.0% cap · market cap 12.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
5,639
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 commercial and residential units.
Where is this mixed-use property located?
The property is located at 598 Grand Concourse The Bronx, NY.
What is the asking price?
The asking price for this property is $2,350,000.
What are key features of this property?
This property features: Fully‑occupied mixed‑use building.; Located at 598 Grand Concourse, Bronx, NY.; Zoned C4‑4, Bronx, (O9).
