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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    212 231st St, Unit 228 Bronx, NY 10463-5302

    • Retail space
    • 8,000 SF
    • 0.18 lot acres
    OFF-MARKET
    Last Sale
    Sep 09, 2024
    $2,950,000
    Value Estimations
    $2,870,000
    Show details
    Cap Rate Potential
    5.7%
    Retail space
    Location Intelligence
    Property ID
    US63-5528045
    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

    • 231 Street Cleaners / Dry Cleaner

    Property Details for 212 231st St

    Year built
    1934
    Lot size
    0.18 lot acres
    Property size
    8,000 SF
    Zone code
    R6
    Property type
    Retail space
    APN
    05701-0120
    APU
    57010120

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,950,000
      ML approach
      $2,950,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,805,000
      6.5%
      $2,590,000
      7%
      $2,405,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,882,000
      Market price range: $2.88M - $7.05M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $4,750,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Bronx
    County
    Bronx
    State
    New York
    Longitude
    -73.9057
    Latitude
    40.8791
    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
    $51,469
    $342,000
    $143,928
    $485,928
    -
    $760,000
    $347,000
    $1,107,000

    Comparable in this City

    • Value Estimation
      $735,000
      13,416 SF

      5619 Broadway, Unit 5625

      RETAIL STORES (PERSONAL SERVICES) • 13,416 SF
      5619 Broadway, Bronx, NY 10463-5509
      View Details
    • Value Estimation by Request
      1,800 SF

      3114 Bailey Ave

      Individual retail properties • 1,800 SF
      3114 Bailey Ave, The Bronx, NY 10463
      View Details
    • Value Estimation
      $4,700,000
      2,699 SF

      152 231st St

      RETAIL STORES (PERSONAL SERVICES) • 2,699 SF
      152 231st St, Bronx, NY 10463-5603
      View Details
    • Value Estimation
      $4,700,000
      6,720 SF

      3071 Bailey Ave

      RETAIL STORES (PERSONAL SERVICES) • 6,720 SF
      3071 Bailey Ave, Bronx, NY 10463-5863
      View Details
    • Value Estimation by Request
      8,215 SF

      205-225 230th St

      RETAIL STORES (PERSONAL SERVICES) • 8,215 SF
      205-225 230th St, Bronx, NY 10463
      View Details
    • Value Estimation
      $605,000
      3,900 SF

      277-279 231st St

      RETAIL STORES (PERSONAL SERVICES) • 3,900 SF
      277-279 231st St, Bronx, NY 10463
      View Details

    Similar Nearby for Sale

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      165,000 SF

      Bronx Retail/Office Strip For Sale

      160k+ SF retail corner building in Marble Hill neighborhood.
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      Wine/Liquor Store Business Opportunity

      Wine/Liquor store business for sale in Bronx, NY.
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      Riverdale Avenue Mixed-Use Investment

      Two adjacent buildings with residential and commercial units in Riverdale.
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    • $269,995

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      Spacious, bright co-op with parking, close to transportation and amenities.
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      Riverdale Multifamily Investment Opportunity

      Multifamily home with income potential in prime Riverdale location.
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      Bright 2-bedroom apartment near transportation and amenities in Spuyten Duyvil.
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    Similar Nearby for Lease

    • Contact for pricing
      789 SF

      Retail Space in High-Traffic Area

      Retail space available in Riverdale's busiest pedestrian corridor.
      190 W 231St St, Bronx, NY 10463
      View Details
    • $17,500 /Mo
      3,080 SF

      Bronx Retail Space Available

      3,080 SF retail space for rent in Bronx, NY.
      3520 Johnson Ave, Bronx, NY 10463
      View Details
    • $25,000
      2,065 SF

      Large Storefront Retail Space Available

      Vacant 2,065 SF storefront in Bronx, food allowed.
      13 Knolls Cres, Bronx, NY 10463
      View Details
    • Contact for pricing
      1,000 SF

      Prime Retail Space in Bronx

      1,000 SF retail space in a top NYC corridor.
      225 W 230Th St, Bronx, NY 10463
      View Details
    • Contact for pricing
      9,539 SF

      Bronx Retail Space Available

      Retail space available in a busy Bronx location.
      5673 Broadway, Bronx, NY 10463
      View Details
    • Contact for pricing
      1,530 SF

      Bronx Retail Space For Rent

      Retail space in high-traffic area near 1 train.
      5660-5680 Broadway, Bronx, NY 10463
      View Details
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    212 231st St, Unit 228
    Bronx, NY 10463-5302
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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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