Morris Heights Triplex
For Sale
$1,200,000
Pending
1999 Morris Ave The, Bronx, NY 10453
Triplex in Morris Heights with investment potential near transportation.
Property Size3,132 SF
Lot Size0.04 Acres
Days on Market158
Property Features for 1999 Morris Ave The
General Information
Standard status
Pending
Size
3,132 SF
Lot size
0.04 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$3,216
Building Details
Building Size
3,132 SF
Year Built
1899
Units
3
Listing Agency:
Angel Tejada
(914) 319-3016
Listed By:
Angel Tejada
(914) 319-3016
Source:
Elliman
Added: Mar 11
Changed: Aug 8
Last Checked: Aug 14 at 11:57AM
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 Angel Tejada
Investment Insights
Based on property information with market context.
This triplex is located in the Morris Heights neighborhood. The corner property includes a full basement. Unit 1 features 3 bedrooms, Unit 2 also has 3 bedrooms, and Unit 3 offers 4 bedrooms. The property is located within walking distance of public transportation, providing access to NYC. This property presents an opportunity for investors.
Key Highlights
- Triplex property offering immediate rental income potential.
- Located in the Morris Heights neighborhood.
- Two 3‑bedroom units and one 4‑bedroom unit.
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
$78,563
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
6.55%
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%
$1,571,260
$1.6M
Cap Rate 7%
$1,122,329
$1.1M
Cap Rate 9%
$872,922
$872.9K
Market Conditions
NOI Build-Up for 3,132 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
$118.4K $37.80/SF
− Vacancy
−$6.2K −$1.97/SF
EGI
$112.2K $35.83/SF
− OpEx
−$33.7K −$10.75/SF
NOI
$78.6K $25.08/SF
Area
ZIP 10453
Vacancy
5.20%
Lease Rate
$37.80 /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%
$1,571,260
Cap Rate 7%
$1,122,329
Cap Rate 9%
$872,922
Alternative Uses
Best Use
Multifamily LT 5
$1.12M
$982.0K – $1.31M
NOI $78,563 @ 7.0% cap · market cap 6.55%
Second Best
Apartment 5plus
$1.04M
$913.0K – $1.22M
NOI $73,042 @ 7.0% cap · market cap 6.09%
Theoretical Best
Office A
$1.47M
$1.29M – $1.72M
NOI $102,920 @ 7.0% cap · market cap 8.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,739
Businesses Nearby
Explore this area
Business Placement
Demographics for 10453, NY
81,951
Population
28,801
Households
2.8
Avg Household Size
34
Median Age
15%
College-Educated
69%
High-School Grad
0.9 sq mi
ZIP Area
91,057
Density / Sq Mi
$35,482
Median Household Income
$30,097
Median Earnings
$1,393
Median Rent
$580,100
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 - Triplex in Morris Heights with investment potential near transportation.
Where is this triplex located?
The property is located at 1999 Morris Ave The Bronx, NY.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Triplex property offering immediate rental income potential.; Located in the Morris Heights neighborhood.; Two 3‑bedroom units and one 4‑bedroom unit.
