Mixed-Use Building with Parking
For Sale
Contact for pricing
Pending
840 Westchester Ave The, Bronx, NY 10459
58,540 SF mixed-use building with 24,300 SF parking garage.
Property Size58,540 SF
Days on Market1064
Property Features for 840 Westchester Ave The
General Information
Standard status
Pending
Size
58,540 SF
Property subtype
Mixed Use, Office, Retail
Zoning
C1-4 / R7-1
Building Details
Year Built
2007
Stories
2
Listing Agency:
Helmsley Spear of Long Island
(516) 203-8134
Listed By:
David Sargoy · License #NY
Source:
Crexi
Added: Oct 3, 2023
Changed: Aug 22
Last Checked: Aug 31 at 1:33AM
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 Helmsley Spear of Long Island
Investment Insights
Based on property information with market context.
The property is a mixed-use building with 58,540 square feet of space across two floors. It includes a 24,300 square foot parking garage. The property is located on Block 2689, Lots 01-047-048.
Key Highlights
- Large building with 58,540 square feet across two floors.
- Dedicated 24,300 square feet parking garage.
- Relatively new construction, built in 2007.
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
$1,465,988
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
7.33%
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%
$29,319,760
$29.3M
Cap Rate 7%
$20,942,686
$20.9M
Cap Rate 9%
$16,288,756
$16.3M
Market Conditions
NOI Build-Up for 58,540 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
$2.46M $42.00/SF
− Vacancy
−$504.0K −$8.61/SF
EGI
$1.95M $33.39/SF
− OpEx
−$488.7K −$8.35/SF
NOI
$1.47M $25.04/SF
Area
Bronx, NY
Vacancy
20.50%
Lease Rate
$42.00 /SF/Yr
Expense Ratio
25.00%
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%
$29,319,760
Cap Rate 7%
$20,942,686
Cap Rate 9%
$16,288,756
Alternative Uses
Best Use
Office B
$20.94M
$18.32M – $24.43M
NOI $1,465,988 @ 7.0% cap · market cap 7.33%
Second Best
Retail
$17.60M
$15.40M – $20.54M
NOI $1,232,290 @ 7.0% cap · market cap 6.16%
Theoretical Best
Warehouse
$40.56M
$35.49M – $47.32M
NOI $2,839,487 @ 7.0% cap · market cap 14.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,728
Businesses Nearby
Explore this area
Business Placement
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
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - 58,540 SF mixed-use building with 24,300 SF parking garage.
Where is this mixed-use property located?
The property is located at 840 Westchester Ave The Bronx, NY.
What is the asking price?
The asking price for this property is $20,000,000.
What are key features of this property?
This property features: Large building with 58,540 square feet across two floors.; Dedicated 24,300 square feet parking garage.; Relatively new construction, built in 2007.
