Renovated Three-Story
For Sale
$525,000
638 Ilyssa Way, Staten Island, NY 10312
Residential, Triplex, Staten Island, NY
Property Size1,354 SF
Lot Size0.01 Acres
Price / SF$387.74
Days on Market49
Property Features for 638 Ilyssa Way
General Information
Property type
Residential
Property subtype
Triplex
Zoning
R3-2
Bedrooms
2
Bathrooms
3
Full bathrooms
1
Half bathrooms
2
Rooms
Bathroom 2, Bathroom 3, Bedroom 1, Bedroom 2, Bathroom 1
Parking features
Carport, Garage
Interior features
Central Air
Subdivision
Arden Heights
Standard status
Active
Size
1,354 SF
Lot size
0.01 Acres
Taxes and HOA fees
Tax Annual Amount
3023
Building Details
Year built
1996
Flooring type
Laminate
Architectural style
Other
Listing Agency:
eXp Realty BKNY
(888) 276-0630
Listed By:
Kenwood Chan
(917) 669-7142
Added: Jul 16
Changed: Aug 30
Last Checked: Sep 2 at 6:06PM
MLS# 503078
Copyright © 2026 Brooklyn New York Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This three-story triplex at 638 Ilyssa Way provides 1,354 square feet of renovated residential space with 2 bedrooms and 3 full bathrooms. The interior includes open living, dining, and kitchen areas, updated bathrooms, laminate flooring, central air, and storage. Built in 1996, the property is described as well maintained and move-in ready.
The residence is located within the Aspen Knolls community in Staten Island, with landscaped grounds and access to shopping, restaurants, schools, parks, public transportation, and major roadways. Parking features include a garage and carport. The property is zoned R3-2 and occupies 0.0119 acres.
The residence is located within the Aspen Knolls community in Staten Island, with landscaped grounds and access to shopping, restaurants, schools, parks, public transportation, and major roadways. Parking features include a garage and carport. The property is zoned R3-2 and occupies 0.0119 acres.
Key Highlights
- Renovated three‑story triplex with 1,354 square feet
- 2 bedrooms and 3 full bathrooms
- Built in 1996 and zoned R3‑2
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$33,458
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.37%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$669,160
$669.2K
Cap Rate 7%
$477,971
$478.0K
Cap Rate 9%
$371,756
$371.8K
Market Conditions
NOI Build-Up for 1,354 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$52.0K $38.40/SF
− Vacancy
−$4.2K −$3.10/SF
EGI
$47.8K $35.30/SF
− OpEx
−$14.3K −$10.59/SF
NOI
$33.5K $24.71/SF
Area
ZIP 10312
Vacancy
8.07%
Lease Rate
$38.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$669,160
Cap Rate 7%
$477,971
Cap Rate 9%
$371,756
Alternative Uses
Best Use
Multifamily LT 5
$478.0K
$418.2K – $557.6K
NOI $33,458 @ 7.0% cap · market cap 6.37%
Second Best
Apartment 5plus
$420.5K
$368.0K – $490.6K
NOI $29,437 @ 7.0% cap · market cap 5.61%
Theoretical Best
Office A
$646.1K
$565.3K – $753.7K
NOI $45,224 @ 7.0% cap · market cap 8.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
292
Businesses Nearby
Explore this area
Business Placement
Demographics for 10312, NY
61,642
Population
22,547
Households
2.7
Avg Household Size
43
Median Age
41%
College-Educated
92%
High-School Grad
6.9 sq mi
ZIP Area
8,934
Density / Sq Mi
$111,434
Median Household Income
$62,700
Median Earnings
$1,911
Median Rent
$698,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Renovated residential income property with central air, garage and carport parking, and access to shopping, schools, parks, and transit.
Where is this triplex located?
The property is located at 638 Ilyssa Way Staten Island, NY.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Renovated three‑story triplex with 1,354 square feet; 2 bedrooms and 3 full bathrooms; Built in 1996 and zoned R3‑2
