Well-Maintained Multifamily
For Sale
$2,999,000
721-723 East 221st St The, Bronx, NY 10467
Well-maintained multifamily with spacious, light-filled units and walkable area amenities.
Property Size5,000 SF
Days on Market60
Property Features for 721-723 East 221st St The
General Information
Standard status
Active
Size
5,000 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$2,300
Building Details
Building Size
5,000 SF
Year Built
2011
Units
18
Tenancy
Multi
Listing Agency:
eRealty Advisors, Inc
(929) 536-5203
Listed By:
Isabel C. Saenz
(929) 536-5203
Source:
Elliman
Added: Jun 12
Changed: Aug 8
Last Checked: Aug 10 at 7:05AM
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 eRealty Advisors, Inc
Investment Insights
Based on property information with market context.
This for-sale multifamily property includes multiple residential units with functional floor plans designed for comfortable living. The building is described as well maintained, with spacious layouts and abundant natural light throughout. Street parking is available, supporting everyday access for tenants and visitors.
Located at 721-723 East 221st St in The Bronx, the property is positioned for convenience to major transportation routes as well as shopping, dining, schools, and local amenities. WalkScore is 77 (very walkable), BikeScore is 27 (somewhat bikeable), and transitScore is 54 (good transit), reflecting a neighborhood environment with practical day-to-day accessibility.
The configuration and unit-focused living spaces make this asset relevant for both investors seeking a residential income property and owner-occupants looking for a multifamily option. With existing curb appeal and a maintained condition, the property can serve as a straightforward platform for those evaluating a long-term residential rental strategy within a well-connected area.
Located at 721-723 East 221st St in The Bronx, the property is positioned for convenience to major transportation routes as well as shopping, dining, schools, and local amenities. WalkScore is 77 (very walkable), BikeScore is 27 (somewhat bikeable), and transitScore is 54 (good transit), reflecting a neighborhood environment with practical day-to-day accessibility.
The configuration and unit-focused living spaces make this asset relevant for both investors seeking a residential income property and owner-occupants looking for a multifamily option. With existing curb appeal and a maintained condition, the property can serve as a straightforward platform for those evaluating a long-term residential rental strategy within a well-connected area.
Key Highlights
- Year built: 2011
- Multifamily property with multiple residential units featuring spacious layouts
- Units are designed for comfortable living with functional floor plans and abundant natural light
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
$108,801
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
3.63%
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%
$2,176,020
$2.2M
Cap Rate 7%
$1,554,300
$1.6M
Cap Rate 9%
$1,208,900
$1.2M
Market Conditions
NOI Build-Up for 5,000 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
$210.0K $42.00/SF
− Vacancy
−$12.2K −$2.44/SF
EGI
$197.8K $39.56/SF
− OpEx
−$89.0K −$17.80/SF
NOI
$108.8K $21.76/SF
Area
ZIP 10467
Vacancy
5.80%
Lease Rate
$42.00 /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%
$2,176,020
Cap Rate 7%
$1,554,300
Cap Rate 9%
$1,208,900
Alternative Uses
Best Use
Apartment 5plus
$1.55M
$1.36M – $1.81M
NOI $108,801 @ 7.0% cap · market cap 3.63%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$3.46M
$3.03M – $4.04M
NOI $242,525 @ 7.0% cap · market cap 8.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,345
Businesses Nearby
Explore this area
Business Placement
Demographics for 10467, NY
103,660
Population
40,582
Households
2.6
Avg Household Size
36
Median Age
22%
College-Educated
75%
High-School Grad
2.3 sq mi
ZIP Area
45,070
Density / Sq Mi
$47,806
Median Household Income
$36,949
Median Earnings
$1,505
Median Rent
$425,500
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?
Apartment building - Well-maintained multifamily with spacious, light-filled units and walkable area amenities.
Where is this apartment building located?
The property is located at 721-723 East 221st St The Bronx, NY.
What is the asking price?
The asking price for this property is $2,999,000.
What are key features of this property?
This property features: Year built: 2011; Multifamily property with multiple residential units featuring spacious layouts; Units are designed for comfortable living with functional floor plans and abundant natural light
