304-312 E 204th St 8,000 SF 100% Leased Retail Building Bronx, NY 10467 $9,500,000 ($1,187.50/SF) 5.45% Cap Rate

304–312 East 204th Street | Bronx, NY
Few assets offer the combination of security, growth, and future upside found at 304-312 East 204th Street. Anchored by T-Mobile, a nationally recognized credit tenant, and supported by a complementary mix of necessity-based businesses, the property benefits from a steady stream of daily traffic generated by one of the Bronx's most densely populated residential neighborhoods. Its location within a thriving medical and service-oriented corridor creates a built-in customer base that supports long-term tenant demand and occupancy. Beyond the strong in-place cash flow, investors are presented with the rare opportunity to unlock additional value through approximately 7,500 square feet of future development potential, creating a compelling blend of immediate income, rent growth, and long-term appreciation.
Income Overview
The property is currently generating $43,632/month ($523,584 annually) in gross rental income under a triple-net (NNN) structure, where tenants are responsible for taxes, insurance, and maintenance.
Current Tenancy Includes:
T-Mobile – $17,708/month (lease through 1/31/31)
Capitol Diner – $12,000/month ? $12,240/month (increase 9/30/25 | lease through 9/30/34)
Guac Times – $7,000/month (lease through 11/13/35)
Therapy Care – $6,300/month ? $6,683/month (increase 2/1/26 | lease through 7/31/33)
All leases provide long-term stability with contractual increases, ensuring predictable income growth.
Investment Highlights
Fully Leased NNN Asset (Low Management)
7,500 SF | 75’ x 100’ Full Lot
Diversified Tenant Mix (National + Local Operators)
Long-Term Leases with Built-In Rent Growth
Zero/Minimal Landlord Expense Structure
High Foot Traffic / Dense Residential Base
Market Positioning
Norwood remains one of the Bronx’s most reliable retail submarkets, supported by exceptional population density, strong daily foot traffic, and limited retail supply. The property benefits from a built-in consumer base and consistent neighborhood demand, making it highly attractive to service-oriented and necessity retail tenants.
Fully leased NNN retail assets of this scale and configuration are extremely limited, particularly those offering both in-place yield and long-term lease security.
Accessibility & Visibility
Positioned just off Webster Avenue, the property benefits from:
Strong pedestrian and vehicular traffic
Excellent subway and bus connectivity
Established neighborhood retail corridor
Investment Thesis
304–312 East 204th Street offers investors the opportunity to acquire a true passive, income-producing NNN retail asset in a supply-constrained New York City market.
With over $500,000 in annual NNN income, long-term leases, and minimal management requirements, this asset delivers durable cash flow with built-in growth, making it an ideal acquisition for both 1031 exchange buyers and long-term hold investors seeking stability in an urban retail environment.