Two-Family Property with
For Sale
$1,288,000
Pending
1188 Grant Avenue, Bronx, NY 10456
Income-producing residential property with two functional units, a full basement, and garage space.
Property Size3,312 SF
Days on Market145
Property Features for 1188 Grant Avenue
General Information
Standard status
Pending
Size
3,312 SF
Property subtype
Duplex
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$3,882
Building Details
Building Size
3,312 SF
Year Built
1935
Buildings
1
Tenancy
Multi
Listing Agency:
Mitra Hakimi Realty Group LLC
Listed By:
Etan Hakimi · License #1014541
(718) 268-5588
Source:
Serhant
Added: May 4
Changed: Sep 20
Last Checked: Sep 24 at 4:13PM
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 Mitra Hakimi Realty Group LLC
Investment Insights
Based on property information with market context.
1188 Grant Avenue is a two-family property offering approximately 3,312 square feet of living space. Each unit includes generously sized living areas, well-proportioned bedrooms, and functional layouts designed to maximize space and natural light. A full basement with garage space provides additional parking and storage capacity, along with potential for future customization.
The property is located in the Bronx near local shops, restaurants, parks, and everyday conveniences. Claremont Park is among the nearby green spaces. Public transportation access includes nearby stations on the IRT Jerome Avenue Line, served by the 4 train, as well as multiple MTA Regional Bus Operations routes. The Cross Bronx Expressway provides access to major roadways and connections to Manhattan and other boroughs.
The property is located in the Bronx near local shops, restaurants, parks, and everyday conveniences. Claremont Park is among the nearby green spaces. Public transportation access includes nearby stations on the IRT Jerome Avenue Line, served by the 4 train, as well as multiple MTA Regional Bus Operations routes. The Cross Bronx Expressway provides access to major roadways and connections to Manhattan and other boroughs.
Key Highlights
- Approximately 3,312 square feet of living space
- Two‑family property with functional layouts and well‑proportioned bedrooms
- Full basement with garage space for parking or storage
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
$85,911
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
6.67%
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%
$1,718,220
$1.7M
Cap Rate 7%
$1,227,300
$1.2M
Cap Rate 9%
$954,567
$954.6K
Market Conditions
NOI Build-Up for 3,312 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
$127.2K $38.40/SF
− Vacancy
−$4.5K −$1.34/SF
EGI
$122.7K $37.06/SF
− OpEx
−$36.8K −$11.12/SF
NOI
$85.9K $25.94/SF
Area
ZIP 10456
Vacancy
3.50%
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%
$1,718,220
Cap Rate 7%
$1,227,300
Cap Rate 9%
$954,567
Alternative Uses
Best Use
Multifamily LT 5
$1.23M
$1.07M – $1.43M
NOI $85,911 @ 7.0% cap · market cap 6.67%
Second Best
Apartment 5plus
$1.11M
$968.3K – $1.29M
NOI $77,464 @ 7.0% cap · market cap 6.01%
Theoretical Best
Office A
$1.68M
$1.47M – $1.96M
NOI $117,324 @ 7.0% cap · market cap 9.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
5,474
Businesses Nearby
Explore this area
Business Placement
Demographics for 10456, NY
93,412
Population
33,321
Households
2.8
Avg Household Size
34
Median Age
14%
College-Educated
68%
High-School Grad
1.1 sq mi
ZIP Area
84,920
Density / Sq Mi
$35,676
Median Household Income
$30,340
Median Earnings
$1,194
Median Rent
$428,800
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?
Duplex - Income-producing residential property with two functional units, a full basement, and garage space.
Where is this duplex located?
The property is located at 1188 Grant Avenue Bronx, NY.
What is the asking price?
The asking price for this property is $1,288,000.
What are key features of this property?
This property features: Approximately 3,312 square feet of living space; Two‑family property with functional layouts and well‑proportioned bedrooms; Full basement with garage space for parking or storage
