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    Property profile & analytics

    1535 Westchester Ave The Bronx, NY 10472

    • Retail residential properties
    • 12,870 SF
    • 0.09 lot acres
    For Sale
    View listing
    $5,500,000
    Last Sale
    Feb 13, 2024
    $2,034,743
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-3491380
    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.

    Current Use by Public Records

    • New Garden Chinese Kitchen / Chinese Restaurant
    • Benny's Automobile Driving School / Driving School
    • DolEx Dollar Express / Money Transfer Service
    • New Garden / Chinese Restaurant

    Property Details for 1535 Westchester Ave

    Year built
    1913
    Lot size
    0.09 lot acres
    Property size
    12,870 SF
    Zone code
    C4-2
    Property type
    Retail residential properties
    APN
    03773-0003
    APU
    37730003

    Description

    This exceptional mixed-use investment property, located at 1535 Westchester Avenue in the Bronx, New York (zip code 10472), presents a compelling opportunity for discerning investors. The building boasts a substantial 27,051 square feet and comprises 24 multi-family units, offering a strong foundation for consistent cash flow. With an asking price of $5,500,000, the property exhibits an attractive capitalization rate of 7.51%, generating a net operating income (NOI) of $413,059. The price per square foot is $203.32. Situated on a bustling section of Westchester Avenue, directly at the subway entrance, this property benefits from high visibility and excellent accessibility. The prime retail corridor location ensures high traffic and strong tenant demand. The building's high occupancy rate and steady cash flow contribute to its secure investment profile. Furthermore, the property offers significant potential for rental upside, making it an ideal long-term investment in a thriving neighborhood. This is a rare opportunity to acquire a well-positioned, high-performing multifamily asset in a rapidly developing area of the Bronx. The property's strong fundamentals and strategic location make it a compelling addition to any investment portfolio.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,035,000
      ML approach
      $2,035,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,475,000
      Market price range: $328k - $1.48M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $3,050,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Bronx
    County
    Bronx
    State
    New York
    Longitude
    -73.8786
    Latitude
    40.8289
    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
    $60,872
    $49,140
    $505,890
    $555,030
    -
    $201,000
    $881,000
    $1,082,000

    Comparable in this City

    • Value Estimation
      $440,000
      14,000 SF

      1491 Westchester Ave

      STORES & APARTMENTS • 14,000 SF
      1491 Westchester Ave, Bronx, NY 10472-2926
      View Details
    • Value Estimation
      $590,000
      312,880 SF

      1755 Watson Ave

      STORES & APARTMENTS • 312,880 SF
      1755 Watson Ave, Bronx, NY 10472-5421
      View Details
    • Value Estimation
      $3,435,000
      8,500 SF

      1217 Stratford Ave

      STORES & APARTMENTS • 8,500 SF
      1217 Stratford Ave, Bronx, NY 10472-2506
      View Details
    • Value Estimation
      $1,155,000
      9,000 SF

      1162 Saint Lawrence Ave

      STORES & APARTMENTS • 9,000 SF
      1162 Saint Lawrence Ave, Bronx, NY 10472-4658
      View Details
    • Value Estimation
      $530,000
      10,680 SF

      1201 White Plns Rd

      STORES & APARTMENTS • 10,680 SF
      1201 White Plns Rd, Bronx, NY 10472-4903
      View Details
    • Value Estimation
      $1,305,000
      98,000 SF

      1231 White Plns Rd

      STORES & APARTMENTS • 98,000 SF
      1231 White Plns Rd, Bronx, NY 10472-4903
      View Details

    Similar Nearby for Sale

    • $5,500,000
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      Bronx Multifamily Investment Opportunity

      High-yield Bronx apartment building, 24 units.
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    • $4,300,000
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      Two-story commercial building near subway with investment and user potential.
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    • $1,150,000
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      Renovated Bronx Duplex For Sale

      Fully renovated two-family home with income potential in the Bronx.
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      Bronx Triplex with Garage

      Three-unit brick house with garage and backyard in the Bronx.
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      Two-Family Brick Property in Bronx

      Two-family property with garage in Unionport/Castle Hill corridor.
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      Soundview Six-Family Residence For Sale

      Six-family residence in Soundview, close to transportation and amenities.
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    Similar Nearby for Lease

    • Contact for pricing
      10,000 SF

      Bronx Warehouse: 10,000 SF

      Spacious Bronx industrial warehouse, newly renovated.
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      View Details
    • $4,500 /Mo

      Spacious Office in Soundview Location

      High-traffic office space near transportation and major highways.
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      View Details
    • $10,000 /Mo
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      Medical Space Near Subway

      Medical office space available near the #6 subway line.
      1163 Manor Ave, Bronx, NY 10472
      View Details
    • $50 SF/Yr
      9,669 SF

      Westchester Ave Retail Spaces

      Prime Bronx retail, 3,552-6,117 SF available.
      1673-1675 Westchester Ave, The Bronx, NY 10472
      View Details
    • Contact for pricing
      10,000 SF

      Renovated Warehouse Space Available

      10,000 sq ft renovated warehouse space for rent.
      1201 Bronx River Ave, Bronx, NY 10472
      View Details
    • $110,000

      Premier Bronx Boutique Retail Space

      Unique boutique retail space specializing in high-end women's clothing.
      1764 St Ave, Bronx, NY 10472
      View Details
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    1535 Westchester Ave
    The Bronx, NY 10472
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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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