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    2447 3Rd Ave The Bronx, NY 10451
    Property profile & analytics

    2447 3Rd Ave, The Bronx, NY 10451

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    • Commercial real estate
    • 10,797 SF
    Off-Market
    Property ID
    US63-1632027
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • 728 East Realty Corporation / Construction Company / General Contractor
    • Altmark Group LLC / Construction Company / General Contractor

    Property Details for 2447 3Rd Ave

    Property type
    Commercial real estate

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Apr 22, 2025 — 255 East Realty Parners LLC — Deed · related $8.5M · Metropolitan Commercial Bank

    Description

    This exceptional retail property, located at 2447 Third Avenue in the Bronx, New York (zip code 10451), offers a total of 10,797 square feet of vacant commercial space. Currently, the entire building is available for lease, presenting a unique opportunity for a single tenant or multiple businesses seeking flexible space options. The property is categorized as multi-tenant retail and allows for divisibility, with spaces ranging from a minimum of 1,247 square feet to a maximum contiguous space of 5,700 square feet. This versatility makes it ideal for a variety of retail concepts, from smaller boutiques to larger-scale operations. The building's location in Bronx County provides excellent access to a dense population and high foot traffic, ensuring strong visibility and potential for significant customer engagement. The address is strategically positioned on Third Avenue, offering convenient access to public transportation and major roadways, enhancing accessibility for both customers and employees. This is a rare opportunity to secure a substantial retail presence in a thriving Bronx neighborhood. The property is ready for immediate occupancy, allowing for a swift and efficient start to your business operations. Interested parties are encouraged to inquire for further details and leasing options.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    The Bronx
    County
    Bronx
    State
    New York
    Longitude
    -73.9300578
    Latitude
    40.8094755

    Comparable in this City

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      5,187 SF

      Warehouse Space with Mezzanine Office

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      7,500 SF

      Bronx Retail Space Available

      7,500 SF retail space for lease in Bronx.
      3225 3Rd Ave, Bronx, NY 10451
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      5,987 SF

      Retail Space Available For Rent

      Retail spaces available in Bronx, divisible to multiple sizes.
      305 E 161St St, Bronx, NY 10451
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      9,512 SF

      Retail Space in New Development

      Divisible retail space with high visibility in new development.
      2447-2457 3Rd Ave, Bronx, NY 10451
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    Similar Nearby for Lease

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      2,483 SF

      Washington Avenue Retail Space Available

      Retail space available in a residential building.
      825-837 Washington Ave, Bronx, NY 10451
      View Details
    • Contact for pricing
      3,638 SF

      Retail Space in Concourse Village

      5,432 SF retail space in new residential development.
      180 e Concourse Vlg W, Bronx, NY 10451
      View Details
    • Contact for pricing
      5,187 SF

      Warehouse Space with Mezzanine Office

      Warehouse space with roll gate and mezzanine office in Bronx.
      245-247 E 137Th St, Bronx, NY 10451
      View Details
    • Contact for pricing
      7,500 SF

      Bronx Retail Space Available

      7,500 SF retail space for lease in Bronx.
      3225 3Rd Ave, Bronx, NY 10451
      View Details
    • Contact for pricing
      5,987 SF

      Retail Space Available For Rent

      Retail spaces available in Bronx, divisible to multiple sizes.
      305 E 161St St, Bronx, NY 10451
      View Details
    • Contact for pricing
      9,512 SF

      Retail Space in New Development

      Divisible retail space with high visibility in new development.
      2447-2457 3Rd Ave, Bronx, NY 10451
      View Details
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    The Bronx, NY 10451
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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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