Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    637 224Th St The Bronx, NY 10466

    • Apartment buildings
    • 7,691 SF
    • 0.06 lot acres
    For Sale
    View listing
    $1,550,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-5888348
    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

    • Apartment buildings

    Property Details for 637 224Th St

    Year built
    2005
    Lot size
    0.06 lot acres
    Property size
    7,691 SF
    Zone code
    R6A
    Property type
    Apartment buildings
    APN
    04826-0038
    APU
    48260038

    Description

    This 8-unit apartment building in the prime Wakefield section of the Bronx presents a compelling investment opportunity. Built in 2006, the property boasts 7,690 square feet and offers a strong 10.28% capitalization rate with a Net Operating Income (NOI) of $159,288. The asking price is $1,550,000, translating to approximately $201.56 per square foot and $193,750 per unit. The building comprises six one-bedroom and two two-bedroom apartments, all currently operating at 100% occupancy. Importantly, all units are free-market, having been deregulated as of June 30, 2024, and all leases include riders allowing for market-rate renewal increases. The existing 421-a tax abatement expires in June 2024. Each unit features its own electric and gas meters, offering individual utility control and potential for increased rental income. This walk-up building is located at 637 E 224th St, Bronx, NY 10466, and represents a rare chance to acquire a well-maintained, high-performing multifamily property in a desirable Bronx neighborhood. The building's Class B designation reflects its solid condition and potential for future appreciation.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,327,000
      Market price range: $466k - $1.57M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $1,035,000
      Current use
      COMMERCIAL (GENERAL)
      $1,895,000
      Change: +83% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Bronx
    County
    Bronx
    State
    New York
    Longitude
    -73.863
    Latitude
    40.888
    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
    $41,851
    $8,377
    $326,380
    $334,757
    -
    $26,000
    $1,013,000
    $1,039,000

    Comparable in this City

    • Value Estimation by Request
      3,650 SF

      2105 Nereid Ave

      APARTMENT HOUSE (5+ UNITS) • 3,650 SF
      2105 Nereid Ave, Bronx, NY 10466-1133
      View Details
    • Value Estimation by Request
      4,585 SF

      916 225th St

      APARTMENT HOUSE (5+ UNITS) • 4,585 SF
      916 225th St, Bronx, NY 10466-4649
      View Details
    • Value Estimation by Request
      8,214 SF

      839 226th St

      APARTMENT HOUSE (5+ UNITS) • 8,214 SF
      839 226th St, Bronx, NY 10466-4418
      View Details
    • Value Estimation by Request
      3,822 SF

      734 227th St

      APARTMENT HOUSE (5+ UNITS) • 3,822 SF
      734 227th St, Bronx, NY 10466-4269
      View Details
    • Value Estimation by Request
      3,066 SF

      729 229th St

      APARTMENT HOUSE (5+ UNITS) • 3,066 SF
      729 229th St, Bronx, NY 10466-4153
      View Details
    • Value Estimation by Request
      1,028,976 SF

      229th St

      APARTMENT HOUSE (5+ UNITS) • 1,028,976 SF
      229th St, Bronx, NY 10466
      View Details

    Similar Nearby for Sale

    • $180,000

      Bronx 2-Bedroom Co-op

      Spacious 2-bedroom co-op with dining room and eat-in kitchen.
      745 The, Bronx, NY 10466
      View Details
    • $875,000

      Multifamily Building Near Transportation

      Nine-unit apartment building in the Wakefield section of the Bronx.
      635 E 233Rd St, Bronx, NY 10466
      View Details
    • $1,550,000
      7,690 SF

      Bronx Multifamily Investment Opportunity

      8-Unit Apartment Building, High ROI
      637 224Th St, The Bronx, NY 10466
      View Details
    • $115,000

      Bronx One-Bedroom Co-op Apartment

      Well-maintained co-op near transportation and amenities, needs TLC.
      740 The, Bronx, NY 10466
      View Details
    • $144,000

      Sunny Co-op with Low Maintenance

      Spacious one-bedroom co-op with utilities included and great amenities.
      1425 The, Bronx, NY 10466
      View Details
    • $750,000

      Bronx Multifamily Investment Opportunity

      Multifamily building in excellent condition with parking and backyard.
      946 E 227Th St, Bronx, NY 10466
      View Details

    Similar Nearby for Lease

    • $3,250 /Mo

      Spacious Three-Bedroom Apartment in Bronx

      Bright, spacious 3-bedroom apartment with private deck, convenient location.
      4312 Carpenter Ave, Bronx, NY 10466
      View Details
    • Contact for pricing
      3,000 SF

      Boston Road Warehouse Opportunity

      Prime industrial space, 3,000 SF building, 19,000 SF land.
      3981 Boston Rd, The Bronx, NY 10466
      View Details
    • $15 SF/Yr
      19,200 SF

      Prime Wakefield Industrial Property

      19,200 SF Warehouse, Office, & Yard
      3915 Provost Ave, Wakefield, NY 10466
      View Details
    • $4,500 /Mo
      1,520 SF

      Finished Office Space in Bronx

      Elegantly finished office space suitable for medical or legal practices.
      4133 White Plains Rd, Bronx, NY 10466
      View Details
    • Contact for pricing
      1,400 SF

      Retail/Medical Space Near Montefiore Hospital

      Retail or professional space near Montefiore hospital.
      651-655 E 233Rd St, Bronx, NY 10466
      View Details
    • Contact for pricing
      4,050 SF

      Bronx Warehouse Space Available

      4,050 SF warehouse space for rent in Bronx.
      4336 Bronx Blvd, Bronx, NY 10466
      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.
    637 224Th St
    The Bronx, NY 10466
    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

    Google sign-in failed. Please try again or use another login method.