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    Property profile & analytics

    988 Morris Park Ave Bronx, NY 10462-3752

    • Investment properties
    • 3,000 SF
    • 0.06 lot acres
    OFF-MARKET
    Value Estimations
    $525,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-0722341
    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

    • Dream Team Barber Spa Inc / Barber Shop
    • Hair Annie and Nayiv / Hair Salon

    Property Details for 988 Morris Park Ave

    Year built
    1925
    Lot size
    0.06 lot acres
    Property size
    3,000 SF
    Zone code
    R4
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    04101-0006
    APU
    41010006

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $315,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $654,000
      Market price range: $654k - $1.06M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $810,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Bronx
    County
    Bronx
    State
    New York
    Longitude
    -73.8564
    Latitude
    40.8477
    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
    $6,083
    $15,299
    $33,357
    $48,656
    -
    $243,000
    $529,800
    $772,800

    Comparable in this City

    • Value Estimation
      $775,000
      4,000 SF

      961 Morris Park Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 4,000 SF
      961 Morris Park Ave, Bronx, NY 10462-3704
      View Details
    • Value Estimation
      $840,000
      4,382 SF

      1719 Zerega Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 4,382 SF
      1719 Zerega Ave, Bronx, NY 10462-5450
      View Details
    • Value Estimation
      $685,000
      3,825 SF

      872 Morris Park Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 3,825 SF
      872 Morris Park Ave, Bronx, NY 10462-3632
      View Details
    • Value Estimation
      $1,225,000
      2,074 SF

      844 Morris Park Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 2,074 SF
      844 Morris Park Ave, Bronx, NY 10462-3615
      View Details
    • Value Estimation
      $1,135,000
      5,192 SF

      670 Morris Park Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 5,192 SF
      670 Morris Park Ave, Bronx, NY 10462-3503
      View Details
    • Value Estimation
      $575,000
      3,294 SF

      815 Morris Park Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 3,294 SF
      815 Morris Park Ave, Bronx, NY 10462-3682
      View Details

    Similar Nearby for Sale

    • $990,000
      1,836 SF

      Well-Maintained Bronx Duplex For Sale

      Legal 2-family home with income potential and move-in readiness.
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    • $699,999
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      Bronx Triplex Investment Opportunity

      Triplex in Morris Park neighborhood, close to amenities and transportation.
      1569 Bogart Ave, Bronx, NY 10462
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    • $2,600,000
      4,150 SF

      Mixed-Use Building on White Plains Road

      Mixed-use building with retail and residential units in the Bronx.
      1406 White Plains Rd, Bronx, NY 10462
      View Details
    • $2,600,000
      4,150 SF

      Mixed-Use Building on White Plains Road

      Mixed-use building with income potential near transportation.
      1406 White Plains Rd, Bronx, NY 10462
      View Details
    • $2,600,000
      4,150 SF

      Mixed-Use Building on White Plains Road

      Mixed-use building with income potential near Parkchester and the 6 Train.
      1406 White Plains Rd, Bronx, NY 10462
      View Details
    • $2,200,000
      3,600 SF

      Castle Hill Mixed-Use Investment

      Six-unit building, high-traffic location.
      1248 Castle Hill Ave, Bronx, NY 10462
      View Details

    Similar Nearby for Lease

    • $7,000 /Mo
      5,301 SF

      Bronx Commercial Mixed-Use Opportunity

      6,500 SF commercial building in a transit-friendly Bronx location.
      2060 Wallace Ave, Bronx, NY 10462
      View Details
    • Contact for pricing
      21,000 SF

      Parkchester Retail Spaces Available

      Prime Bronx retail condos, 5 units.
      0 Parkchester Condominiums The, The Bronx, NY 10462
      View Details
    • Contact for pricing
      5,000 SF

      Corner Retail Space with Basement

      Retail space with basement storage, near White Plains Road.
      2147 Wallace Ave, Bronx, NY 10462
      View Details
    • Contact for pricing

      1049 Zerega Ave

      Corner Industrial Building
      1049 Zerega Ave, Bronx, NY 10462
      View Details
    • Contact for pricing
      4,206 SF

      Retail Space in Parkchester

      Retail space with high visibility and accessibility in the Bronx.
      1453 Metropolitan Ave, Bronx, NY 10462
      View Details
    • Contact for pricing
      2,200 SF

      Retail Space on White Plains

      Retail space with high foot traffic, close to transportation.
      2150-2152 White Plains Rd, Bronx, NY 10462
      View Details
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    988 Morris Park Ave
    Bronx, NY 10462-3752
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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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