Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    228 135Th St The Bronx, NY 10451
    Property profile & analytics

    228 135Th St, The Bronx, NY 10451

    View on Map
    • Office Spaces
    • 2,600 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • GLS Mott Haven, a Manhattan Hotel / Hotel & Motel
    • Chai Urgent Care / Medical Clinic

    Property Details for 228 135Th St

    Property type
    Office Spaces
    Property subtype
    Medical Office Space

    Description

    This exceptional 2,600 square foot medical office building, located at 228 E 135th St in the Mott Haven area of Bronx County, presents a unique investment opportunity. The property features a single-tenant occupancy with 2,598 square feet currently vacant, ideal for immediate use. The building boasts a modern design with high ceilings (15 feet) across its two stories. The interior is meticulously finished as a fully built-out urgent care facility, including 11 medical rooms, four ADA-compliant bathrooms, and two storage/supply rooms. The building is equipped with elevators for convenient access to all levels. The property is zoned ZD1 and is offered with a Net Net Net (NNN) lease, with lease terms negotiable. The building's 156 units (presumably within a larger complex, though details are not provided) add to its potential value. This turnkey medical facility is ready for immediate occupancy and presents a strong opportunity for a medical practice seeking a well-appointed space in a vibrant community. The existing build-out significantly reduces upfront capital expenditures for a new tenant. Serious inquiries are encouraged.

    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
    -73.9272
    Latitude
    40.8187

    Comparable in this City

    • Value Estimation by Request
      913,000 SF

      628 River Ave

      Restaurants
      628 River Ave, Bronx, NY 10451
      View Details
    • Value Estimation by Request
      21,620 SF

      3208 3Rd Ave

      Office Spaces
      3208 3Rd Ave, The Bronx, NY 10451
      View Details
    • Value Estimation by Request
      4,760 SF

      3208 3Rd Ave

      Office Units
      3208 3Rd Ave, Bronx, NY 10451
      View Details
    • Value Estimation by Request
      4,000 SF

      328 150Th St

      Office Spaces
      328 150Th St, The Bronx, NY 10451
      View Details
    • Value Estimation by Request

      575 Exterior St, Unit 5

      CONDOMINIUM OFFICES
      575 Exterior St, Bronx, NY 10451-2265
      View Details
    • Value Estimation by Request

      575 Exterior St, Unit 7

      CONDOMINIUM OFFICES
      575 Exterior St, Bronx, NY 10451-2265
      View Details

    Similar Nearby for Sale

    • $165,000
      751 SF

      Commercial Co-op in Iconic Building

      751 sq ft professional space near Bronx Supreme Court.
      860 Grand Concourse, Bronx, NY 10451
      View Details
    • $165,000
      751 SF

      Commercial Co-op in Art Deco Building

      751 sq ft professional space near Bronx Supreme Court.
      860 Grand Concourse, Bronx, NY 10451
      View Details
    • $1,050,000
      0.05 Acres

      Bronx Three-Family Home with Parking

      Three-family home with parking, backyard, and home business potential.
      841 Courtlandt Ave, Bronx, NY 10451
      View Details
    • Contact for pricing

      Waterfront Development Site in Bronx

      Premier waterfront development site in Mott Haven neighborhood of the Bronx.
      188 E 135Th St, Bronx, NY 10451
      View Details
    • Contact for pricing
      55,000 SF

      Wholesale Warehouse Distributor For Sale

      55,000 sq ft warehouse with diverse inventory and loyal clientele.
      Major Cash & Carry Wholesale Warehouse Distributor, New York, NY 10451
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      180,000 SF

      Bronx Facility for Lease

      Large facility suitable for medical, educational, or community purposes.
      350 Grand Concourse The, Bronx, NY 10451
      View Details
    • Contact for pricing
      2,100 SF

      Turn-Key Medical Space Available

      Ready-to-use medical space with existing infrastructure and 13 offices.
      710 Courtlandt Ave, Bronx, NY 10451
      View Details
    • Contact for pricing

      Renovated Office Space Available

      Centrally located, renovated office space for rent in the Bronx.
      3208 3Rd Ave, Bronx, NY 10451
      View Details
    • Contact for pricing

      Prime Retail Location Available

      Retail space in high-traffic area near major establishments.
      279 E 161St St, Bronx, NY 10451
      View Details
    • Contact for pricing
      2,001 SF

      Bronx Community Facility Space

      Community facility space for lease in new six-story development.
      359 E 157Th St, Bronx, NY 10451
      View Details
    • Contact for pricing
      2,170 SF

      Remodeled Office Building with Views

      Recently remodeled office building with expansive Manhattan views for rent.
      2417 3Rd Ave, Bronx, NY 10451
      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.
    228 135Th St
    The Bronx, NY 10451
    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
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    228 135Th St, The Bronx, NY, 10451
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!