Renovated Brick
New
For Sale
$960,000
1283 E 223rd Street, Bronx, NY 10466
Residential Income, Bronx, NY
Property Size2,026 SF
Lot Size0.06 Acres
Price / SF$473.84
Days on Market3
Property Features for 1283 E 223rd Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 5, Bedroom 4, Basement, Bedroom 6, Bathroom 3, Bathroom 4, Bedroom 1, Bedroom 2, Bedroom 3, Bathroom 1, Bathroom 2
Parking
3
Parking features
Oversize, Driveway
Interior features
First Floor Bedroom, First Floor Full Bath, Natural Woodwork, Open Kitchen
Exterior features
Mailbox
Basement
Finished, Walk-Out Access, Full
Lot features
Back Yard, Near Public Transit, Near School, Near Shops, Paved
Elementary school
Ps 111 Seton Falls
Middle school
Baychester Middle School
High school
Bronxwood Prep Academy (The)
Elementary school district
Bronx 11
Middle school district
Bronx 11
High school district
Bronx 11
Standard status
Active
APN
04898-0003
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7176
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Natural Gas
Cooling system
Wall/Window Unit(s), Window Unit(s)
Water source
Public
Amenities
fenced backyard
Building Details
Year built
1955
Number of units
3
Flooring type
Hardwood
Architectural style
Contemporary
Listing Agency:
Exit Realty Premium
(718) 829-2300
Listed By:
Anthony A. Domathoti
(646) 696-1563
Added: Aug 26
Changed: Aug 28
Last Checked: Aug 28 at 3:06PM
MLS# 1043568
Copyright © 2026 OneKey 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 legal two-family property at 1283 E 223rd Street features two full three-bedroom apartments arranged in a three-bedroom-over-three-bedroom layout. The approximately 2,026-square-foot brick building includes six bedrooms, four full bathrooms, hardwood flooring, updated kitchens, renovated baths, walk-in closets, and a full basement with an additional bathroom. A full attic provides storage, while a private paved driveway accommodates four vehicles and the fenced backyard adds outdoor space.
Recent improvements include a new roof, new windows, new boilers, new hot water heaters, and updated electrical and plumbing systems. Each apartment has its own boiler and hot water heater, with three electric meters and two gas meters. Public water and public sewer serve the property. Seton Falls Park is nearby, with shopping, dining, transit, Metro-North, bus service, the Bronx River Parkway, Hutchinson River Parkway, and I-95 in the surrounding area.
Recent improvements include a new roof, new windows, new boilers, new hot water heaters, and updated electrical and plumbing systems. Each apartment has its own boiler and hot water heater, with three electric meters and two gas meters. Public water and public sewer serve the property. Seton Falls Park is nearby, with shopping, dining, transit, Metro-North, bus service, the Bronx River Parkway, Hutchinson River Parkway, and I-95 in the surrounding area.
Key Highlights
- Legal two‑family property with two three‑bedroom apartments
- Approximately 2,026 sq. ft. on a 28 x 100 lot
- Six bedrooms and four full bathrooms across the two units
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
5.36%
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 5.36%
Second Best
Apartment 5plus
$665.8K
$582.6K – $776.8K
NOI $46,605 @ 7.0% cap · market cap 4.85%
Theoretical Best
Warehouse
$1.40M
$1.23M – $1.64M
NOI $98,271 @ 7.0% cap · market cap 10.24%
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 - Two updated residences offer separate heating, utility metering, and private off-street parking in a flexible multifamily configuration.
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 $960,000.
What are key features of this property?
This property features: Legal two‑family property with two three‑bedroom apartments; Approximately 2,026 sq. ft. on a 28 x 100 lot; Six bedrooms and four full bathrooms across the two units
