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    1011 Washington Ave Bronx, NY 10456-6619

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    1011 Washington Ave Bronx, NY 10456-6619

    View on Map
    • Apartment buildings
    • 126,284 SF
    • 0.87 lot acres
    Off-Market
    Last Sale Jun 16, 2023
    $17,700,000
    Property ID
    US63-3626336
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    $14,600,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • KJ Income Tax Services, Bronx NY / Accounting Firm / Tax Preparation
    • Glorious Group Day Care LLC Daycare / Daycare Center
    • Eric Erickson / Foster Care Service / Social Service Agency
    • Stephanie Antes / Foster Care Service / Social Service Agency

    Property Details for 1011 Washington Ave

    Year built
    2004
    Lot size
    0.87 lot acres
    Property size
    126,284 SF
    Zone code
    M11R72
    Property type
    Apartment buildings
    APN
    02386-0144
    APU
    23860144

    Description

    This exceptional 1,400 square foot retail space is ideally situated at 1011 Washington Avenue in the vibrant Morrisania neighborhood of the Bronx, New York. Located between East 164th and East 165th Streets, this single-tenant property benefits from exceptional visibility and accessibility. The property is part of a bustling commercial area, boasting a strong concentration of national and local retailers. Nearby businesses include Food Bazaar, Dunkin', McDonald's, BP, Boost Mobile, Popeyes, Retro Fitness, Starbucks, Walgreens, Blink Fitness, Chipotle, CVS, Aldi, Planet Fitness, and Burlington, ensuring high foot traffic and a thriving retail environment. The property's convenient location offers easy access to public transportation, with the 2 and 5 subway lines at Prospect Avenue and the BX21 and BX41 bus lines nearby, providing excellent connectivity for both employees and customers. The total building size is 126,284 square feet, indicating a substantial and well-established commercial complex. This turn-key retail space presents a fantastic opportunity for a variety of businesses seeking a prime location in a high-demand area of the Bronx. The property is located in Bronx County, New York, with a zip code of 10456. This is a rare opportunity to secure a well-positioned retail space in a thriving commercial district.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $11,490,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $19,282,000
      Market price range: $10.3M - $33.4M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $22,120,000
      Current use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Bronx
    County
    Bronx
    State
    New York
    Longitude
    -73.91
    Latitude
    40.8265
    CBSA code
    35620
    CBSA name
    NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $16,701
    $254,250
    $2,280,690
    $2,534,940
    -
    $565,000
    $4,953,000
    $5,518,000

    Comparable in this City

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      758,564 SF

      1320 Webster Ave, Unit 1378

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    • Value Estimation
      $3,210,000
      66,162 SF

      960 Sheridan Ave

      APARTMENT HOUSE (5+ UNITS) • 66,162 SF
      960 Sheridan Ave, Bronx, NY 10456-6301
      View Details
    • Value Estimation
      $11,905,000
      83,200 SF

      1310-1312 Sheridan Ave

      APARTMENT HOUSE (5+ UNITS) • 83,200 SF
      1310-1312 Sheridan Ave, Bronx, NY 10456
      View Details
    • Value Estimation
      $510,000
      3,028 SF

      1100 Sherman Ave

      APARTMENT HOUSE (5+ UNITS) • 3,028 SF
      1100 Sherman Ave, Bronx, NY 10456-5040
      View Details
    • Value Estimation
      $7,745,000
      750,000 SF

      725 161st St, Unit 775

      APARTMENT HOUSE (5+ UNITS) • 750,000 SF
      725 161st St, Bronx, NY 10456-7526
      View Details
    • Value Estimation
      $4,765,000
      27,750 SF

      266 169th St

      APARTMENT HOUSE (5+ UNITS) • 27,750 SF
      266 169th St, Bronx, NY 10456-1739
      View Details

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    Similar Nearby for Lease

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      Bronx Office Space Available

      Office space for rent in the Morrisania neighborhood.
      1010 Washington Ave, Bronx, NY 10456
      View Details
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      720 SF

      Retail Space in The Bronx

      Retail space available for lease in The Bronx, NY.
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      Two-story flex space with overhead door and sprinkler system.
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    Bronx, NY 10456-6619
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    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
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