Renovated Detached
For Sale
$1,099,000
1038 E 224th Street, Bronx, NY 10466
Brick three-family property with a finished basement and approved summer-kitchen use.
Property Size2,016 SF
Days on Market64
Property Features for 1038 E 224th Street
General Information
Standard status
Active
Size
2,016 SF
Property subtype
Residential Income
Units
Unit Mix
1 x 4BR, 1 x 1BR, 1 x studio
Multifamily Units
3
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$7,360
Building Details
Building Size
2,016 SF
Year Built
1940
Buildings
1
Units
3
Construction
brick
Listing Agency:
Keller Williams Realty NYC Grp
(718) 697-6800
Listed By:
Kenneth Fuentes · License #10401214433
(718) 697-6800
Source:
Millenniumhomes
Added: Jun 27
Changed: Aug 28
Last Checked: Aug 25 at 9:25AM
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 three-family property was built in 1940 and has been renovated. The first floor contains a vacant four-bedroom apartment, while the second floor is arranged with a one-bedroom apartment and a studio. The configuration supports separate residential occupancy across the home’s three apartments.
A finished basement adds usable space. The certificate of occupancy identifies the basement as an accessory to the dwelling and permits a summer kitchen, providing an additional approved feature for the property. The home is located near transportation served by the #2 and #5 train stations.
A finished basement adds usable space. The certificate of occupancy identifies the basement as an accessory to the dwelling and permits a summer kitchen, providing an additional approved feature for the property. The home is located near transportation served by the #2 and #5 train stations.
Key Highlights
- Renovated detached brick three‑family property built in 1940
- Vacant renovated 4‑bedroom apartment on the 1st floor
- 2nd floor includes 1‑bedroom and studio apartments
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
$51,210
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
4.66%
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%
$1,024,200
$1.0M
Cap Rate 7%
$731,571
$731.6K
Cap Rate 9%
$569,000
$569.0K
Market Conditions
NOI Build-Up for 2,016 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
$77.4K $38.40/SF
− Vacancy
−$4.3K −$2.11/SF
EGI
$73.2K $36.29/SF
− OpEx
−$21.9K −$10.89/SF
NOI
$51.2K $25.40/SF
Area
Bronx, NY
Vacancy
5.50%
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%
$1,024,200
Cap Rate 7%
$731,571
Cap Rate 9%
$569,000
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
Property Profile
Current Use
Lease Details
3
Residential units
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 - Brick three-family property with a finished basement and approved summer-kitchen use.
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: Renovated detached brick three‑family property built in 1940; Vacant renovated 4‑bedroom apartment on the 1st floor; 2nd floor includes 1‑bedroom and studio apartments
