Bronx Multifamily with Adjoining
For Sale
$999,000
Pending
1237 Leland Ave Multi The, Bronx, NY 10472
Investment opportunity: vacant 3-family home with adjoining lot.
Property Size2,500 SF
Lot Size0.06 Acres
Days on Market260
Property Features for 1237 Leland Ave Multi The
General Information
Standard status
Pending
Size
2,500 SF
Lot size
0.06 Acres
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$6,552
Building Details
Building Size
2,500 SF
Year Built
1955
Units
2
Listing Agency:
(917) 856-6015
Listed By:
Thomas Rainey
(917) 856-6015
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 8
Last Checked: Aug 8 at 12:51PM
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 Thomas Rainey
Investment Insights
Based on property information with market context.
This vacant property in the Bronx presents an investment opportunity, featuring a home on a generous lot with an adjoining empty parcel. The property, currently configured as a 2-family home with an equally sized empty lot, requires a full gut renovation, making it suitable for investors, developers, or buyers seeking to create a custom multi-family residence. The possibilities include building modern rental units, a single-family estate, or a combination of both. The property has a total frontage of 50 feet, or 25 feet per lot. Located near local transportation, shopping, and dining options, the property offers accessibility and upside potential in a vibrant Bronx neighborhood. This property is intended for use as a multi-family residence.
Key Highlights
- Investment/redevelopment opportunity: Vacant 3‑family home with adjoining empty lot.
- Potential for custom multi‑family residence, single‑family estate, or modern rental units.
- Generous lot size with 50 feet total frontage.
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
$57,509
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
5.76%
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%
$1,150,180
$1.2M
Cap Rate 7%
$821,557
$821.6K
Cap Rate 9%
$638,989
$639.0K
Market Conditions
NOI Build-Up for 2,500 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
$111.0K $44.40/SF
− Vacancy
−$6.4K −$2.58/SF
EGI
$104.6K $41.82/SF
− OpEx
−$47.1K −$18.82/SF
NOI
$57.5K $23.00/SF
Area
Bronx, NY
Vacancy
5.80%
Lease Rate
$44.40 /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%
$1,150,180
Cap Rate 7%
$821,557
Cap Rate 9%
$638,989
Alternative Uses
Best Use
Apartment 5plus
$821.6K
$718.9K – $958.5K
NOI $57,509 @ 7.0% cap · market cap 5.76%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$1.73M
$1.52M – $2.02M
NOI $121,263 @ 7.0% cap · market cap 12.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,234
Businesses Nearby
Explore this area
Business Placement
Demographics for 10472, NY
72,245
Population
24,259
Households
3
Avg Household Size
34
Median Age
14%
College-Educated
69%
High-School Grad
1.1 sq mi
ZIP Area
65,677
Density / Sq Mi
$43,125
Median Household Income
$35,180
Median Earnings
$1,445
Median Rent
$632,500
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 - Investment opportunity: vacant 3-family home with adjoining lot.
Where is this multifamily property located?
The property is located at 1237 Leland Ave Multi The Bronx, NY.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Investment/redevelopment opportunity: Vacant 3‑family home with adjoining empty lot.; Potential for custom multi‑family residence, single‑family estate, or modern rental units.; Generous lot size with **50 feet total frontage**.
