Renovated Two-Family Brick
For Sale
$1,049,000
1283 E 223rd Street, Bronx, NY 10466
Legal two-family residence with updated interiors, full basement, attic storage, fenced yard, and private parking.
Property Size2,026 SF
Lot Size0.07 Acres
Price / SF$517.77
Days on Market130
Property Features for 1283 E 223rd Street
General Information
Standard status
Active
Size
2,026 SF
Total Parking Spaces
4
Lot size
0.07 Acres
Property subtype
Duplex
Zoning
R4
Site & Location
Highway Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,176
Amenities
security cameras
attic storage
fenced backyard
hardwood floors
Building Details
Building Size
2,026 SF
Year Built
1955
Buildings
1
Construction
brick
Listing Agency:
Exit Realty Premium
(646) 696-1563
Listed By:
Anthony A. Domathoti
Source:
Shawmetro
Added: Apr 23
Changed: Aug 29
Last Checked: Aug 29 at 4:46PM
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 Exit Realty Premium
Investment Insights
Based on property information with market context.
This legal two-family brick residence, classified B3, was built in 1955 and provides approximately 2,026 square feet of living space. The three-over-three configuration includes 6 bedrooms and 4 full bathrooms, with renovated kitchens, updated baths, hardwood flooring, new moldings, and refreshed fixtures. A full basement offers front access and rear egress, while the attic provides additional storage. Building improvements include a new boiler and hot-water tank, updated electrical and plumbing systems, a new roof, newer windows, security cameras, and a recently updated kitchen cabinet package.
The property occupies a 28 × 100 lot totaling 3,220 square feet. Exterior features include brick construction, a fenced backyard, and a private driveway accommodating 4 vehicles. Gas hot-water heating serves the residence, which is zoned R4. Set on a tree-lined block in Edenwald, the home is near Seton Falls Park, schools, shopping, and dining, with access to the #2 and #5 subway lines, Metro-North, MTA bus routes, the Bronx River Parkway, the Hutchinson River Parkway, and I-95.
The property occupies a 28 × 100 lot totaling 3,220 square feet. Exterior features include brick construction, a fenced backyard, and a private driveway accommodating 4 vehicles. Gas hot-water heating serves the residence, which is zoned R4. Set on a tree-lined block in Edenwald, the home is near Seton Falls Park, schools, shopping, and dining, with access to the #2 and #5 subway lines, Metro-North, MTA bus routes, the Bronx River Parkway, the Hutchinson River Parkway, and I-95.
Key Highlights
- Legal two‑family property with B3 classification and R4 zoning
- Approximately 2,026 sq ft on a 28 × 100 lot totaling 3,220 sq ft
- 6 bedrooms and 4 full bathrooms in a three‑over‑three layout
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
$51,464
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
4.91%
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%
$1,029,280
$1.0M
Cap Rate 7%
$735,200
$735.2K
Cap Rate 9%
$571,822
$571.8K
Market Conditions
NOI Build-Up for 2,026 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
$77.8K $38.40/SF
− Vacancy
−$4.3K −$2.11/SF
EGI
$73.5K $36.29/SF
− OpEx
−$22.1K −$10.89/SF
NOI
$51.5K $25.40/SF
Area
Bronx, NY
Vacancy
5.50%
Lease Rate
$38.40 /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%
$1,029,280
Cap Rate 7%
$735,200
Cap Rate 9%
$571,822
Alternative Uses
Best Use
Multifamily LT 5
$735.2K
$643.3K – $857.7K
NOI $51,464 @ 7.0% cap · market cap 4.91%
Second Best
Apartment 5plus
$665.8K
$582.6K – $776.8K
NOI $46,605 @ 7.0% cap · market cap 4.44%
Theoretical Best
Warehouse
$1.40M
$1.23M – $1.64M
NOI $98,271 @ 7.0% cap · market cap 9.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,561
Businesses Nearby
Explore this area
Business Placement
Demographics for 10466, NY
70,420
Population
26,303
Households
2.7
Avg Household Size
38
Median Age
26%
College-Educated
81%
High-School Grad
2.0 sq mi
ZIP Area
35,210
Density / Sq Mi
$66,328
Median Household Income
$44,053
Median Earnings
$1,528
Median Rent
$605,300
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 - Legal two-family residence with updated interiors, full basement, attic storage, fenced yard, and private parking.
Where is this duplex located?
The property is located at 1283 E 223rd Street Bronx, NY.
What is the asking price?
The asking price for this property is $1,049,000.
What are key features of this property?
This property features: Legal two‑family property with B3 classification and R4 zoning; Approximately 2,026 sq ft on a 28 × 100 lot totaling 3,220 sq ft; 6 bedrooms and 4 full bathrooms in a three‑over‑three layout
