Newly Renovated Two-Family Brick
For Sale
$1,049,000
1283 E 223rd Street, Bronx, NY 10466
MULTI_FAMILY - Contemporary - Bronx, NY
Property Size2,026 SF
Lot Size0.06 Acres
Price / SF$517.77
Days on Market114
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, Bathroom 1, Bathroom 2, Bedroom 4, Bedroom 2, Bedroom 6, Bathroom 4, Bedroom 1, Bedroom 3, Bathroom 3, Basement
Parking
3
Parking features
Oversize, Driveway
Interior features
First Floor Bedroom, First Floor Full Bath, Natural Woodwork, Open Kitchen
Exterior features
Mailbox
Basement
Full, Finished, Walk-Out Access
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
Natural Gas, Baseboard
Cooling system
Window Unit(s), Wall/Window Unit(s)
Water source
Public
Amenities
security cameras
attic storage
fenced backyard
Building Details
Year built
1955
Number of units
2
Flooring type
Hardwood
Architectural style
Contemporary
Listing Agency:
Exit Realty Premium
(718) 829-2300
Listed By:
Anthony A. Domathoti
(646) 696-1563
Added: Apr 23
Changed: Aug 3
Last Checked: Aug 14 at 11:06AM
MLS# 989605
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.
Newly renovated legal two-family brick duplex built in 1955, offering a Three over Three-style layout and approximately 2,026 sq ft of living space. The home sits on a 28x100 (3,220 sq ft) lot with a full basement that includes a front entrance and rear egress, plus attic storage. Interiors feature updated kitchens and baths, hardwood flooring throughout, and modern finishes including new trim, moldings, and fixtures.
The property provides a total of 6 bedrooms and 4 full bathrooms, with heating via gas/hot water and public utilities including public water and public sewer. Exterior features include a mailbox, a fenced backyard, and a private driveway for 4 vehicles. Cooling is provided by window unit(s).
Recent improvements include a new boiler and hot-water tank, updated electrical and plumbing systems, a new roof and windows, and security cameras. Additional upgrades include new kitchen cabinets (about 1 year old), new flooring and moldings on both floors, and a new bathroom in the basement. Zoned R4, the property is positioned for owner-occupants or investors seeking a flexible two-family setup.
The property provides a total of 6 bedrooms and 4 full bathrooms, with heating via gas/hot water and public utilities including public water and public sewer. Exterior features include a mailbox, a fenced backyard, and a private driveway for 4 vehicles. Cooling is provided by window unit(s).
Recent improvements include a new boiler and hot-water tank, updated electrical and plumbing systems, a new roof and windows, and security cameras. Additional upgrades include new kitchen cabinets (about 1 year old), new flooring and moldings on both floors, and a new bathroom in the basement. Zoned R4, the property is positioned for owner-occupants or investors seeking a flexible two-family setup.
Key Highlights
- Legal two‑family brick duplex built in 1955 with approximately 2,026 sq ft of living space
- 28x100 (3,220 sq ft) lot with fenced backyard
- 6 bedrooms and 4 full bathrooms with updated kitchens and baths
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
Multi-tenant
Tenancy
Yes
Highway access
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 duplex with updated kitchens and baths, hardwood floors, private driveway for four vehicles, and R4 zoning.
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 brick duplex built in 1955 with approximately 2,026 sq ft of living space; 28x100 (3,220 sq ft) lot with fenced backyard; 6 bedrooms and 4 full bathrooms with updated kitchens and baths
