Bronx Retail and Office
For Sale
Contact for pricing
2922 Third Ave The, Bronx, NY 10455
Mixed-use building in the South Bronx with high traffic.
Property Size44,610 SF
Lot Size0.17 Acres
Price / SF$267.88
Days on Market691
Property Features for 2922 Third Ave The
General Information
Standard status
Active
Size
44,610 SF
Lot size
0.17 Acres
Property subtype
Retail, Office
Zoning
C4-4, R7-2
Building Details
Units
1
Listing Agency:
KSR Kassin Sabbagh Realty
(718) 986-7149
Listed By:
Eli Yadid · License #IL
Source:
Crexi
Added: Oct 10, 2024
Changed: Aug 21
Last Checked: Aug 30 at 10:28PM
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 KSR Kassin Sabbagh Realty
Investment Insights
Based on property information with market context.
Located at the corner of Third Avenue and 152nd Street in the Bronx, this mixed-use property at 2922 Third Avenue features storefront retail and office spaces. The building has a total size of 44,610 square feet and sits on a 7,450 square foot lot. The property currently offers retail spaces on the lower level, ground floor, and second floor. Situated in the South Bronx along the Third Avenue corridor, the location benefits from average daily traffic exceeding 12,000 vehicles. The surrounding area includes national retailers such as Foot Locker, ALDI, FIVE Below, Marshalls, GNC, Burlington, and Home Goods, as well as quick-service restaurants. The property is located near the 3 Avenue-149 Street subway station with access to the 2 and 5 lines.
Key Highlights
- Prime location on the high‑traffic Third Avenue corridor (12,000+ vehicles daily) in the South Bronx.
- Large building with 44,610 square feet on a 7,450 square foot lot.
- Conveniently located near the 3 Avenue‑149 Street subway station (2 and 5 lines).
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
$939,058
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
7.86%
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%
$18,781,160
$18.8M
Cap Rate 7%
$13,415,114
$13.4M
Cap Rate 9%
$10,433,978
$10.4M
Market Conditions
NOI Build-Up for 44,610 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
$1.50M $33.60/SF
− Vacancy
−$157.4K −$3.53/SF
EGI
$1.34M $30.07/SF
− OpEx
−$402.5K −$9.02/SF
NOI
$939.1K $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%
$18,781,160
Cap Rate 7%
$13,415,114
Cap Rate 9%
$10,433,978
Alternative Uses
Best Use
Office B
$15.96M
$13.96M – $18.62M
NOI $1,117,146 @ 7.0% cap · market cap 9.35%
Second Best
Retail
$13.42M
$11.74M – $15.65M
NOI $939,058 @ 7.0% cap · market cap 7.86%
Theoretical Best
Warehouse
$30.91M
$27.05M – $36.06M
NOI $2,163,812 @ 7.0% cap · market cap 18.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,029
Businesses Nearby
Explore this area
Business Placement
Demographics for 10455, NY
43,804
Population
16,608
Households
2.6
Avg Household Size
33
Median Age
16%
College-Educated
69%
High-School Grad
0.7 sq mi
ZIP Area
62,577
Density / Sq Mi
$36,701
Median Household Income
$33,892
Median Earnings
$1,130
Median Rent
$348,700
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use building in the South Bronx with high traffic.
Where is this mixed-use property located?
The property is located at 2922 Third Ave The Bronx, NY.
What is the asking price?
The asking price for this property is $11,950,000.
What are key features of this property?
This property features: Prime location on the high‑traffic Third Avenue corridor (12,000+ vehicles daily) in the South Bronx.; Large building with 44,610 square feet on a 7,450 square foot lot.; Conveniently located near the 3 Avenue‑149 Street subway station (2 and 5 lines).
