Morrisania Multi-Unit
For Sale
$790,000
Pending
585 E 167th St The, Bronx, NY 10456
Multi-family property in Morrisania, South Bronx with vacant units.
Property Size2,295 SF
Lot Size0.06 Acres
Days on Market267
Property Features for 585 E 167th St The
General Information
Standard status
Pending
Size
2,295 SF
Lot size
0.06 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$4,800
Building Details
Building Size
2,295 SF
Year Built
1901
Units
3
Listing Agency:
Baez Real Estate, Inc.
Listed By:
Alex V. Baez
(914) 292-1822
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 8
Last Checked: Aug 22 at 8:22AM
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 Baez Real Estate, Inc.
Investment Insights
Based on property information with market context.
Located in the Morrisania neighborhood, this multi-family property at 585 E 167th St, Bronx, NY 10456, offers convenient access to transportation, including train, bus, and highway options. The property features a dynamic layout, with Unit 1 containing 2 bedrooms and a bathroom, while Units 2 and 3 each offer 3 bedrooms and a bathroom. Amenities include a garage, a multifunctional basement, and a backyard. All units will be delivered vacant at closing, providing flexibility and income opportunities.
Key Highlights
- All units delivered vacant, offering flexibility.
- Prime Morrisania, South Bronx location with easy access to transportation.
- Multi‑unit property: Unit 1 (2 bed/1 bath), Units 2 & 3 (3 bed/1 bath each).
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
$53,677
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
6.79%
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%
$1,073,540
$1.1M
Cap Rate 7%
$766,814
$766.8K
Cap Rate 9%
$596,411
$596.4K
Market Conditions
NOI Build-Up for 2,295 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
$103.3K $45.00/SF
− Vacancy
−$5.7K −$2.48/SF
EGI
$97.6K $42.53/SF
− OpEx
−$43.9K −$19.14/SF
NOI
$53.7K $23.39/SF
Area
ZIP 10456
Vacancy
5.50%
Lease Rate
$45.00 /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%
$1,073,540
Cap Rate 7%
$766,814
Cap Rate 9%
$596,411
Alternative Uses
Best Use
Apartment 5plus
$766.8K
$671.0K – $894.6K
NOI $53,677 @ 7.0% cap · market cap 6.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.16M
$1.02M – $1.35M
NOI $81,298 @ 7.0% cap · market cap 10.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,552
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Multi-family property in Morrisania, South Bronx with vacant units.
Where is this multifamily property located?
The property is located at 585 E 167th St The Bronx, NY.
What is the asking price?
The asking price for this property is $790,000.
What are key features of this property?
This property features: All units delivered vacant, offering flexibility.; Prime Morrisania, South Bronx location with easy access to transportation.; Multi‑unit property: Unit 1 (2 bed/1 bath), Units 2 & 3 (3 bed/1 bath each).
