Renovated Triplex with Finished
For Sale
$1,099,000
1038 E 224th Street, Bronx, NY 10466
Detached brick property with a four-bedroom apartment, one-bedroom apartment, studio, and finished basement.
Property Size2,016 SF
Price / SF$545.14
Days on Market36
Property Features for 1038 E 224th Street
General Information
Standard status
Active
Size
2,016 SF
Property subtype
Triplex
Building Details
Building Size
2,016 SF
Year Built
1940
Buildings
1
Construction
brick
Tenancy
Multi
Listing Agency:
Keller Williams Realty NYC Grp
(718) 697-6800
Listed By:
Kenneth Fuentes
Source:
Shawmetro
Added: Jun 27
Changed: Jul 31
Last Checked: Aug 1 at 10:56AM
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 Keller Williams Realty NYC Grp
Investment Insights
Based on property information with market context.
This detached brick triplex was built in 1940 and fully renovated. The first floor includes a vacant four-bedroom apartment, while the second floor contains a one-bedroom apartment and a studio apartment. The property also features a large finished basement. According to the certificate of occupancy, the basement is an accessory to the dwelling and allows for a summer kitchen, providing additional usable space within the property.
Located at 1038 E 224th Street in the Bronx, the property is near the #2 and #5 train station. The three-apartment configuration offers a combination of residential layouts within a single detached building, with the first-floor apartment currently vacant.
Located at 1038 E 224th Street in the Bronx, the property is near the #2 and #5 train station. The three-apartment configuration offers a combination of residential layouts within a single detached building, with the first-floor apartment currently vacant.
Key Highlights
- Detached brick triplex built in 1940
- Fully renovated three‑apartment configuration
- First‑floor vacant four‑bedroom apartment
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $77.4k | $38.40 |
| − Vacancy | −$4.3k | −$2.11 |
| EGI | $73.2k | $36.29 |
| − OpEx | −$21.9k | −$10.89 |
| NOI | $51.2k | $25.40 |
2,016 SF · lease $38.40/SF/yr · vacancy 5.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$731.6K
$640.1K – $853.5K
NOI $51,210 @ 7.0% cap · market cap 4.66%
Second Best
Apartment 5plus
$662.5K
$579.7K – $772.9K
NOI $46,375 @ 7.0% cap · market cap 4.22%
Theoretical Best
Warehouse
$1.40M
$1.22M – $1.63M
NOI $97,786 @ 7.0% cap · market cap 8.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,083
Businesses Nearby
Explore this area
Business Placement
Demographics for 10466, NY
70,420
Population
26,303
Households
2.7
Avg Household Size
38
Median Age
26%
College-Educated
81%
High-School Grad
2.0 sq mi
ZIP Area
35,210
Density / Sq Mi
$66,328
Median Household Income
$44,053
Median Earnings
$1,528
Median Rent
$605,300
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 - Detached brick property with a four-bedroom apartment, one-bedroom apartment, studio, and finished basement.
Where is this triplex located?
The property is located at 1038 E 224th Street Bronx, NY.
What is the asking price?
The asking price for this property is $1,099,000.
What are key features of this property?
This property features: Detached brick triplex built in 1940; Fully renovated three‑apartment configuration; First‑floor vacant four‑bedroom apartment
