Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    Property profile & analytics

    249 Willis Ave The Bronx, NY 10454

    • Retail properties
    • 11,550 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • De Los Milagros / Wholesale Grocer

    Property Details for 249 Willis Ave

    Year built
    1905
    Property size
    11,550 SF
    Property type
    Retail properties
    Property subtype
    Apartment buildings

    Description

    This exceptional 5-story mixed-use building at 249 Willis Avenue in the Mott Haven section of the Bronx presents a compelling investment opportunity. The 11,550 square foot property, built in 1905, boasts a prime corner location on a high-traffic retail corridor, offering excellent visibility and accessibility. The building comprises 18 residential apartments and one retail space, generating a strong net operating income (NOI) of $128,530. Its convenient location provides easy access to shopping, dining, and public transportation, including the nearby 3rd Avenue Station. The property sits on a 25' x 100' lot, with building dimensions of 25' x 96'. Zoned R6 and C1-4, this walk-up building offers significant potential for future development or value appreciation. The building's solid construction and consistent income stream make it an attractive asset for discerning investors seeking a stable and profitable investment in a rapidly developing neighborhood. The property's strong cash flow, combined with its strategic location and flexible zoning, positions it for long-term growth and success. This is a rare opportunity to acquire a well-maintained, income-producing property in a thriving Bronx neighborhood. Block and lot information is 02301/0023.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    The Bronx
    County
    Bronx
    State
    New York
    Longitude
    -73.9226
    Latitude
    40.8098

    Comparable in this City

    • Value Estimation
      $650,000
      76,000 SF

      431 136th St

      APARTMENT HOUSE (5+ UNITS) • 76,000 SF
      431 136th St, Bronx, NY 10454-4048
      View Details
    • Value Estimation
      $450,000
      72,000 SF

      691 138th St

      APARTMENT HOUSE (5+ UNITS) • 72,000 SF
      691 138th St, Bronx, NY 10454-3307
      View Details
    • Value Estimation
      $390,000
      100,500 SF

      690 140th St, Unit 700

      APARTMENT HOUSE (5+ UNITS) • 100,500 SF
      690 140th St, Bronx, NY 10454-2436
      View Details
    • Value Estimation
      $445,000
      41,501 SF

      462 144th St

      APARTMENT HOUSE (5+ UNITS) • 41,501 SF
      462 144th St, Bronx, NY 10454-1024
      View Details
    • Value Estimation
      $165,000
      550,000 SF

      340 Alexander Ave, Unit 383

      APARTMENT HOUSE (5+ UNITS) • 550,000 SF
      340 Alexander Ave, Bronx, NY 10454-1120
      View Details
    • Value Estimation
      $225,000
      977,430 SF

      175 Willis Ave, Unit 185

      APARTMENT HOUSE (5+ UNITS) • 977,430 SF
      175 Willis Ave, Bronx, NY 10454-4805
      View Details

    Similar Nearby for Sale

    • $2,600,000
      Pending

      Bronx Multifamily Investment Opportunity

      Well-maintained property with 29 residential units and two commercial spaces.
      143 Lincoln Ave, Bronx, NY 10454
      View Details
    • $2,200,000
      11,550 SF

      Mott Haven Corner Property

      Five-story walk-up building with apartments and retail unit.
      386 E 139Th St, Bronx, NY 10454
      View Details
    • $2,799,000
      8,328 SF

      Bronx Mixed-Use Corner Building

      Mixed-use building with retail and residential units in prime location.
      408 East 138Th St, Bronx, NY 10454
      View Details
    • $2,000,000
      3,900 SF

      Bronx Multifamily Investment Opportunity

      Six-unit building, high occupancy, strong NOI.
      743 136Th St, Bronx, NY 10454
      View Details
    • $1,290,000
      0.05 Acres

      Bronx Multifamily Investment Opportunity

      Well-maintained, three-family house in Mott Haven with parking.
      436 E 141St St, Bronx, NY 10454
      View Details
    • $1,100,000

      Bronx Two-Family Home Investment

      Spacious two-family home in Mott Haven, excellent investment opportunity.
      410 E 141St St, Bronx, NY 10454
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      973,381 SF

      Waterfront Retail Space in Bronx

      New retail space in a large residential complex on waterfront.
      101 Lincoln Ave, Bronx, NY 10454
      View Details
    • $50 SF/Yr
      7,660 SF

      Prime Bronx Medical Office Space

      7,660 SF, Flexible Lease Options
      2598 3 Ave The, The Bronx, NY 10454
      View Details
    • Contact for pricing
      7,500 SF

      Prime Bronx Retail Space Available

      7,500 SF Retail, Multiple Units
      589 138Th St, The Bronx, NY 10454
      View Details
    • Contact for pricing
      10,000 SF

      Prime Bronx Warehouse For Lease

      10,000 SF Warehouse, Excellent Location
      703 134Th St, The Bronx, NY 10454
      View Details
    • Contact for pricing
      5,831 SF

      Bronx Retail Space Available

      Retail property available for rent in the Bronx.
      5 Lincoln Ave, Bronx, NY 10454
      View Details
    • Contact for pricing
      7,500 SF

      Prime Retail Space on 138th

      Retail space with frontage on 138th Street.
      250 Saint Anns Ave, Bronx, NY 10454
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    249 Willis Ave
    The Bronx, NY 10454
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.