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    647 E 229Th St Bronx, NY 10466

    View on Map
    Sponsored
    For Sale
    $1,150,000

    MULTI_FAMILY - Bronx, NY

    Property size:
    3,600 SF
    Lot size:
    0.07 Acres
    Days on Market:
    37
    Last Refresh:
    Mar 7 at 5:06 pm

    Property Features for 647 E 229Th St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Window features
    ENERGY STAR Qualified WIndows
    Rooms
    Bathroom 2, Bedroom 9, Bedroom 6, Bathroom 5, Bedroom 8, Bedroom 3, Bedroom 2, Bedroom 10, Bedroom 11, Bathroom 7, Bathroom 6, Bathroom 4, Bedroom 12, Bedroom 4, Bedroom 1, Bedroom 5, Bedroom 7, Bathroom 1, Bathroom 3
    Bedrooms
    12
    Bathrooms
    7
    APN
    04832-0053
    Parking features
    On Street
    Interior features
    First Floor Bedroom, Open Kitchen, Primary Bathroom, Walk-In Closet(s)
    Size
    3,600 SF
    Lot size
    0.07 Acres

    Utilities

    Sewer type
    Public Sewer
    Cooling system
    Wall/Window Unit(s), Window Unit(s)
    Water source
    Public

    Building Details

    Year built
    1901
    Number of units
    3
    Flooring type
    Hardwood
    Building materials
    Stone

    We can help!

    Listing Contact
    Errol W. Lewis

    Keller Williams Realty NYC Group (718) 697-6800

    Listing agent Errol W. Lewis (914) 582-2483

    Listing date Jan 30, 2026

    MLS# 952617

    Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Renovated Three-Family in Prime Location

    This fully vacant, turnkey three-family property offers over 3,600 square feet of renovated living space. The building features a 4-over-4-over-4 configuration, with each unit containing four bedrooms. The units are equipped with modern finishes, granite countertops, and brand-new appliances. The top floor unit includes 4 bedrooms and 3 full bathrooms with a walk-in closet, the second floor has 4 bedrooms and 2 full bathrooms, and the first floor features 4 bedrooms and 1.5 bathrooms. The property includes split heating and cooling systems. Updated kitchens, baths, flooring, and mechanicals are present throughout. Street parking is available. The property is located two blocks from the 233rd Street 2 train station and is close to Montefiore Medical Center, major highways, and shopping corridors. This location supports rental demand and long-term value. The property is located in Bronx County, New York, and sits on a lot of 0.0657 acres. This clean, move-in ready asset is suited for investors or end users seeking flexibility.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Taylors Law Firm Law Firm

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Bronx
    County
    Bronx
    State
    New York
    Longitude
    -73.860682
    Latitude
    40.891441

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    FAQs

    What type of property is this?
    Triplex - Turnkey, fully vacant, renovated three-family near transportation and medical center.
    Where is this triplex located?
    The property is located at 647 E 229Th St Bronx, NY.
    What is the asking price?
    The asking price for this property is $1,150,000.
    What are key features of this property?
    This property features: - Fully Vacant & Renovated: Turnkey three-family property ready for immediate occupancy or lease-up.; - Spacious Layout: Over 3,600 sq ft with a desirable 4-over-4-over-4 configuration.; - Modern Amenities: Each unit features four bedrooms, modern finishes, granite countertops, and brand-new appliances.
    (914) 582-2483
    Request Owner's contact information
    647 E 229Th St Bronx, NY 10466
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    Bronx, NY 10466
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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
    647 E 229Th St Bronx, NY 10466
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    We can help!
    Listing Contact
    Errol W. Lewis
    (914) 582-2483 (718) 697-6800
    Learn more
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