Two-Family Duplex with Ground-Floor
For Sale
$1,695,000
Pending
1240 Castle Hill Avenue, Bronx, NY 10462
MULTI_FAMILY - Bronx, NY
Property Size4,800 SF
Days on Market103
Property Features for 1240 Castle Hill Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bedroom 5, Bedroom 8, Bedroom 3, Bathroom 3, Bedroom 2, Bedroom 6, Bedroom 1, Bedroom 7, Bathroom 1, Bathroom 2, Bedroom 4
Subdivision
East Bronx
Standard status
Pending
Utilities
Heating system
Radiant, Oil
Water source
Public
Building Details
Floors in Building
3
Building materials
Brick
Roof type
Flat
Listing Agency:
COUNTRYWIDE REAL ESTATE INC
(718) 863-2900
Listed By:
Harry Sanichara
Added: May 4
Changed: Aug 3
Last Checked: Aug 14 at 11:06AM
MLS# 11738753
Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This brick two-family duplex includes a first-floor store with direct access to a full basement, plus two additional residential levels. The first floor features a 1,200 SF store with access to a 1,200 SF full basement. The second floor offers a 4-bedroom apartment with one full bath, and the third floor also provides a 4-bedroom apartment with one full bath.
The property totals 4,800 SF and is served by public water. Heating is provided via radiant systems with oil heat, and the roof is flat.
With a mixed-use layout combining retail storefront space and two residential apartments, the building supports tenants needing separate upstairs living space while keeping the lower level dedicated to store use.
The property totals 4,800 SF and is served by public water. Heating is provided via radiant systems with oil heat, and the roof is flat.
With a mixed-use layout combining retail storefront space and two residential apartments, the building supports tenants needing separate upstairs living space while keeping the lower level dedicated to store use.
Key Highlights
- 4,800 SF total building area
- First‑floor store: 1,200 SF with access to 1,200 SF full basement
- Second‑floor apartment: 4 bedrooms and 1 full bath
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
$116,557
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
6.88%
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%
$2,331,140
$2.3M
Cap Rate 7%
$1,665,100
$1.7M
Cap Rate 9%
$1,295,078
$1.3M
Market Conditions
NOI Build-Up for 4,800 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
$175.7K $36.60/SF
− Vacancy
−$9.2K −$1.91/SF
EGI
$166.5K $34.69/SF
− OpEx
−$50.0K −$10.41/SF
NOI
$116.6K $24.28/SF
Area
ZIP 10462
Vacancy
5.22%
Lease Rate
$36.60 /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%
$2,331,140
Cap Rate 7%
$1,665,100
Cap Rate 9%
$1,295,078
Alternative Uses
Best Use
Multifamily LT 5
$1.67M
$1.46M – $1.94M
NOI $116,557 @ 7.0% cap · market cap 6.88%
Second Best
Apartment 5plus
$1.48M
$1.30M – $1.73M
NOI $103,883 @ 7.0% cap · market cap 6.13%
Theoretical Best
Office A
$2.29M
$2.00M – $2.67M
NOI $160,321 @ 7.0% cap · market cap 9.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,174
Businesses Nearby
Explore this area
Business Placement
Demographics for 10462, NY
84,655
Population
31,828
Households
2.7
Avg Household Size
37
Median Age
28%
College-Educated
83%
High-School Grad
1.5 sq mi
ZIP Area
56,437
Density / Sq Mi
$63,460
Median Household Income
$42,383
Median Earnings
$1,711
Median Rent
$372,100
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?
Duplex - Brick two-family duplex with a first-floor store, full basement, and two four-bedroom apartments with radiant oil heat.
Where is this duplex located?
The property is located at 1240 Castle Hill Avenue Bronx, NY.
What is the asking price?
The asking price for this property is $1,695,000.
What are key features of this property?
This property features: 4,800 SF total building area; First‑floor store: 1,200 SF with access to 1,200 SF full basement; Second‑floor apartment: 4 bedrooms and 1 full bath
