Renovated Brick Triplex in
For Sale
$1,099,000
1038 East 224th Street, Bronx, NY 10466
Fully renovated detached brick 3-family near transportation.
Property Size2,016 SF
Price / SF$545.14
Days on Market170
Property Features for 1038 East 224th Street
General Information
Standard status
Active
Size
2,016 SF
Property subtype
Triplex
Taxes and HOA fees
Annual Taxes
$7,360
Amenities
No, No, None
Square Feet
Finished, Full, Yes
Other, Public
Other
No
Brick
Building Details
Year Built
1940
Listing Agency:
Keller Williams Realty NYC Grp
Listed By:
Kenneth Fuentes · License #10401214433
(718) 697-6800
Source:
Compass
Added: Mar 24
Changed: Sep 8
Last Checked: Jul 16 at 4:23AM
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 is a fully renovated detached brick three-family property located in the Wakefield section. The property features a vacant, renovated four-bedroom apartment on the first floor, along with a one-bedroom apartment and a studio apartment on the second floor. The finished basement provides additional space and, according to the Certificate of Occupancy, can accommodate a summer kitchen, offering flexibility for both owner-occupants and investors. The property is located near major transportation options, including the #2 and #5 train lines. It is suitable for an owner-occupant needing a four-bedroom unit while collecting rent from the studio and one-bedroom apartments, or for an investor looking to rent the four-bedroom unit for $4111.
Key Highlights
- Fully renovated detached brick 3‑family home
- Vacant, renovated 4‑bedroom unit on the 1st floor, ideal for owner‑occupancy or high rental income ($4111)
- Two additional rental units (1‑bedroom and studio) for income generation
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
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Fully renovated detached brick 3-family near transportation.
Where is this triplex located?
The property is located at 1038 East 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: Fully renovated detached brick 3‑family home; Vacant, renovated 4‑bedroom unit on the 1st floor, ideal for owner‑occupancy or high rental income ($4111); Two additional rental units (1‑bedroom and studio) for income generation
