5-Unit Brick Apartment
New
For Sale
$1,350,000
1035 Elder Ave The, Bronx, NY 10472
A two-level property offers one- and two-bedroom residences, including a ground-level apartment with its own side entrance.
Property Size3,240 SF
Days on Market2
Property Features for 1035 Elder Ave The
General Information
Standard status
Active
Size
3,240 SF
Property subtype
Commercial
Units
Unit Mix
2 x 1BR/1BA, 3 x 2BR/1BA
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$10,006
Amenities
Independent Side Entrance
10' Ceilings
Building Details
Building Size
3,240 SF
Year Built
1928
Buildings
1
Stories
2
Units
5
Construction
Brick
Listing Agency:
RE/MAX In The City
Listed By:
Ronald A. Echavarria · License #10991213113
(917) 504-0533
Source:
Elliman
Added: Sep 30
Last Checked: Oct 1 at 11:31AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX In The City
Investment Insights
Based on property information with market context.
This brick apartment building contains five residences across two levels: two one-bedroom, one-bathroom apartments and three two-bedroom, one-bathroom apartments. Kitchens and living areas are noted in the unit descriptions, and one apartment has a separate side entrance and 10-foot ceilings. One two-bedroom residence has updated flooring. The property also includes five electric meters and uses above-ground oil heating. Additional space is identified as potentially convertible to another living unit; no completed conversion is described.
At 1035 Elder Ave in The Bronx, the building was constructed in 1928. Its Walk Score is 82, its Bike Score is 76, and its Transit Score is 100.
At 1035 Elder Ave in The Bronx, the building was constructed in 1928. Its Walk Score is 82, its Bike Score is 76, and its Transit Score is 100.
Key Highlights
- Five apartments: two one‑bedroom units and three two‑bedroom units
- Brick, two‑level building constructed in 1928
- Ground‑level one‑bedroom apartment has a separate side entrance and 10‑foot ceilings
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
$74,532
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
5.52%
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%
$1,490,640
$1.5M
Cap Rate 7%
$1,064,743
$1.1M
Cap Rate 9%
$828,133
$828.1K
Market Conditions
NOI Build-Up for 3,240 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
$143.9K $44.40/SF
− Vacancy
−$8.3K −$2.58/SF
EGI
$135.5K $41.82/SF
− OpEx
−$61.0K −$18.82/SF
NOI
$74.5K $23.00/SF
Area
Bronx, NY
Vacancy
5.80%
Lease Rate
$44.40 /SF/Yr
Expense Ratio
45.00%
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%
$1,490,640
Cap Rate 7%
$1,064,743
Cap Rate 9%
$828,133
Alternative Uses
Best Use
Apartment 5plus
$1.06M
$931.7K – $1.24M
NOI $74,532 @ 7.0% cap · market cap 5.52%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$2.25M
$1.96M – $2.62M
NOI $157,156 @ 7.0% cap · market cap 11.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
2,389
Businesses Nearby
Explore this area
Business Placement
Demographics for 10472, NY
72,245
Population
24,259
Households
3
Avg Household Size
34
Median Age
14%
College-Educated
69%
High-School Grad
1.1 sq mi
ZIP Area
65,677
Density / Sq Mi
$43,125
Median Household Income
$35,180
Median Earnings
$1,445
Median Rent
$632,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - A two-level property offers one- and two-bedroom residences, including a ground-level apartment with its own side entrance.
Where is this apartment building located?
The property is located at 1035 Elder Ave The Bronx, NY.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Five apartments: two one‑bedroom units and three two‑bedroom units; Brick, two‑level building constructed in 1928; Ground‑level one‑bedroom apartment has a separate side entrance and 10‑foot ceilings
