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    Property profile & analytics

    878 Brk Ave Bronx, NY 10451

    • Office buildings
    • 86,228 SF
    • 0.34 lot acres
    OFF-MARKET
    Value Estimations
    $1,155,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-2903599
    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

    • Old Bronx Court House / Historical Place
    • Liberty Square Realty / Property Management Company

    Property Details for 878 Brk Ave

    Year built
    1904
    Lot size
    0.34 lot acres
    Property size
    86,228 SF
    Zone code
    C4-4
    Property type
    Office buildings
    APN
    02365-0035
    APU
    23650035

    Description

    This unique 121,000 square foot, nine-story former Bronx Borough Courthouse, located at 878 Brook Avenue in the Melrose neighborhood, presents a compelling redevelopment opportunity. Built in 1904, this vacant building boasts stunning Beaux-Arts architecture, featuring exquisite stonework, expansive windows, and intricate detailing. Situated on a full city block at the intersection of 3rd Avenue, near the Jackson Avenue subway station (2 & 5 trains), its convenient location offers excellent transit access via the BX13, BX6, BX15, and BX21 bus lines. The property benefits from its designation as an Opportunity Zone and C4-4 zoning, unlocking significant potential for adaptive reuse. Internal features include a grand lobby, two elevators, and two staircases. Furthermore, the building has brand-new rough-ins for high-end plumbing, mechanical, and electrical systems, simplifying future renovations. The surrounding area is vibrant, with nearby tenants including NYC Charter High School for Architecture, BOOM! Health Wellness Center, and several other businesses and institutions. This property is in School District 7 and offers substantial upside potential for investors seeking a landmark project. The availability of Federal and State tax credits for the purchaser adds further incentive. This is a rare chance to acquire a piece of Bronx history and transform it into a thriving modern asset.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $1,155,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Bronx
    County
    Bronx
    State
    New York
    Longitude
    -73.9101
    Latitude
    40.8228
    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
    $225,057
    $329,850
    $1,794,930
    $2,124,780
    -
    $733,000
    $4,518,000
    $5,251,000

    Comparable in this City

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      $495,000
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      501 Courtlandt Ave

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      View Details
    • Value Estimation
      $585,000
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      326 149th St

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    • Value Estimation
      $725,000
      27,088 SF

      951 Brk Ave

      PROFESSIONAL BUILDING • 27,088 SF
      951 Brk Ave, Bronx, NY 10451-4209
      View Details
    • Value Estimation
      $1,070,000
      3,300 SF

      594 Grand Concourse

      OFFICE BUILDING (MULTI-STORY) • 3,300 SF
      594 Grand Concourse, Bronx, NY 10451-5211
      View Details
    • Value Estimation
      $360,000
      3,310 SF

      258 138th St

      OFFICE BUILDING (MULTI-STORY) • 3,310 SF
      258 138th St, Bronx, NY 10451-6428
      View Details
    • Value Estimation
      $630,000
      12,200 SF

      260 138th St

      OFFICE BUILDING (MULTI-STORY) • 12,200 SF
      260 138th St, Bronx, NY 10451-6428
      View Details

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      161st Street Retail Space Available

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      Bronx Office Space For Lease

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      Grand Concourse Office Suites

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      View Details
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    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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