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

    721 Melrose Ave Bronx, NY 10455-1121

    • Investment properties
    • 9,265 SF
    • 0.06 lot acres
    OFF-MARKET
    Value Estimations
    $1,440,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-1606213
    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

    • Optimal Rehabilitation OT & PT PLLC / Rehabilitation Center / Pain Management Physician
    • Mane Attraction Studio / Hair Salon
    • Dr. Angela R. Tucker, MD / Pediatrician
    • jaquez multi service corp / Tax Preparation / Copy Shop
    • Mariya Fuzaylova / Occupational Therapist

    Property Details for 721 Melrose Ave

    Year built
    1931
    Lot size
    0.06 lot acres
    Property size
    9,265 SF
    Zone code
    R6
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    02402-0023
    APU
    24020023

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,972,000
      Market price range: $401k - $2.59M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,805,000
      Current use
      APARTMENT HOUSE (5+ UNITS)
      $1,960,000
      Change: +8% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Bronx
    County
    Bronx
    State
    New York
    Longitude
    -73.916
    Latitude
    40.8204
    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
    $6,285
    $5,820
    $401,332
    $407,152
    -
    $25,000
    $1,724,000
    $1,749,000

    Comparable in this City

    • Value Estimation by Request
      3,087 SF

      447 Jackson Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 3,087 SF
      447 Jackson Ave, Bronx, NY 10455-4714
      View Details
    • Value Estimation by Request
      880 SF

      727 Prospect Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 880 SF
      727 Prospect Ave, Bronx, NY 10455-1820
      View Details
    • Value Estimation by Request
      4,200 SF

      809 156th St

      OFFICE/RESIDENTIAL (MIXED USE) • 4,200 SF
      809 156th St, Bronx, NY 10455
      View Details
    • Value Estimation by Request
      4,827 SF

      764 149th St

      OFFICE/RESIDENTIAL (MIXED USE) • 4,827 SF
      764 149th St, Bronx, NY 10455
      View Details
    • Value Estimation
      $1,075,000
      8,020 SF

      707 Prospect Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 8,020 SF
      707 Prospect Ave, Bronx, NY 10455-2422
      View Details
    • Value Estimation by Request
      3,500 SF

      724 Prospect Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 3,500 SF
      724 Prospect Ave, Bronx, NY 10455-2466
      View Details

    Similar Nearby for Sale

    • $795,000
      Pending

      Bronx Triplex: Investment Opportunity

      Legal three-family property in the Longwood Historic District.
      956 E 156Th St, Bronx, NY 10455
      View Details
    • Contact for pricing
      87,120 SF

      Bronx Mixed-Use Development Opportunity

      Prime Bronx location, high-traffic retail, redevelopment potential.
      809 Westchester Ave, The Bronx, NY 10455
      View Details
    • New
      $1,100,000
      0.04 Acres

      Bronx Mixed-Use Investment Opportunity

      Mixed-use property in the Bronx with store and residential units.
      610 Union Ave, Bronx, NY 10455
      View Details
    • $699,999

      Mott Haven Multifamily Investment Property

      Multi-unit investment property for sale in Mott Haven, Bronx.
      444 E 146Th St, Bronx, NY 10455
      View Details
    • $11,950,000
      44,610 SF

      Bronx Retail and Office Building

      Retail and office building in the South Bronx.
      2922 3Rd Ave, Bronx, NY 10455
      View Details
    • $2,290,000

      Commercial Land Available For Sale

      Commercial land for sale in The Bronx, NY.
      689 Beck St, Bronx, NY 10455
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      4,298 SF

      Bronx Medical Office Space For Lease

      Prime Bronx location, multiple suites available.
      459 149Th St, The Bronx, NY 10455
      View Details
    • $35 SF/Yr
      15,470 SF

      Prime Bronx Retail Space

      Large Retail Space Available in The Bronx
      412 147Th St, The Bronx, NY 10455
      View Details
    • Contact for pricing
      4,601 SF

      Prime Bronx Office Space for Lease

      Multiple Suites, Renovated, South Bronx Location
      370 149Th St, Bronx, NY 10455
      View Details
    • Contact for pricing
      10,000 SF

      Bronx Retail Space Available

      10,000 SF retail space with high ceilings and elevator.
      2886-2890 3Rd Ave, Bronx, NY 10455
      View Details
    • $6,800 /Mo
      1,742 SF

      Established Bronx Restaurant Opportunity

      Restaurant space with equipment, basement, and high foot traffic.
      2783 3Rd Ave, Bronx, NY 10455
      View Details
    • $39 SF/Yr
      54,631 SF

      Prime Bronx Office Space Available

      Newly renovated, flexible office space in Bronx, NY
      521 Bergen Ave, Bronx, NY 10455
      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.
    721 Melrose Ave
    Bronx, NY 10455-1121
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.