8-Unit Apartment
For Sale
$2,025,000
1321 Purdy St The, Bronx, NY 10462
Eight apartments with individually metered gas and electric units, plus separate boiler units for each apartment.
Property Size7,543 SF
Days on Market20
Property Features for 1321 Purdy St The
General Information
Standard status
Active
Size
7,543 SF
Property subtype
Commercial
Additional Details
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$42,734
Building Details
Building Size
7,543 SF
Year Built
2004
Units
8
Listing Agency:
Keller Williams Realty NYC Group
(646) 919-8107
Listed By:
Julia V. Egorova · License #10301201886
(646) 919-8107
Source:
Elliman
Added: Jul 22
Changed: Aug 8
Last Checked: Aug 9 at 6:13AM
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 Keller Williams Realty NYC Group
Investment Insights
Based on property information with market context.
This is an 8-unit, non-rent-stabilized apartment building offered for sale, constructed and owned by the original owner and builder. The building contains seven two-bedroom units and one one-bedroom unit. Each apartment is equipped with its own boiler unit, and gas and electric are separately metered, with tenant-paid utility expenses except for water. The apartments are described as being in above-average condition, and a further breakdown of revenue, expenses, and layouts is available.
The property is located in the Parkchester/Castle Hill section of the Bronx, a short distance to the Castle Hill #6 subway line. The listing also notes excellent walk and transit scores, indicating strong convenience for daily commuting.
The current annual rent roll is $191,280 with annual expenses of $72,044, resulting in a 2025 net operating income of $119,236. The seller notes a majority of cash-paying tenants who are on time.
The property is located in the Parkchester/Castle Hill section of the Bronx, a short distance to the Castle Hill #6 subway line. The listing also notes excellent walk and transit scores, indicating strong convenience for daily commuting.
The current annual rent roll is $191,280 with annual expenses of $72,044, resulting in a 2025 net operating income of $119,236. The seller notes a majority of cash-paying tenants who are on time.
Key Highlights
- 8‑unit building built in 2004 in the Parkchester/Castle Hill section of the Bronx
- Unit mix: 7 two‑bedroom units and 1 one‑bedroom unit
- Each apartment has its own boiler unit, with gas and electric separately metered
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
$163,249
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
8.06%
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%
$3,264,980
$3.3M
Cap Rate 7%
$2,332,129
$2.3M
Cap Rate 9%
$1,813,878
$1.8M
Market Conditions
NOI Build-Up for 7,543 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
$314.1K $41.64/SF
− Vacancy
−$17.3K −$2.29/SF
EGI
$296.8K $39.35/SF
− OpEx
−$133.6K −$17.71/SF
NOI
$163.2K $21.64/SF
Area
ZIP 10462
Vacancy
5.50%
Lease Rate
$41.64 /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%
$3,264,980
Cap Rate 7%
$2,332,129
Cap Rate 9%
$1,813,878
Alternative Uses
Best Use
Apartment 5plus
$2.33M
$2.04M – $2.72M
NOI $163,249 @ 7.0% cap · market cap 8.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.60M
$3.15M – $4.20M
NOI $251,938 @ 7.0% cap · market cap 12.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
4,146
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?
Apartment building - Eight apartments with individually metered gas and electric units, plus separate boiler units for each apartment.
Where is this apartment building located?
The property is located at 1321 Purdy St The Bronx, NY.
What is the asking price?
The asking price for this property is $2,025,000.
What are key features of this property?
This property features: 8‑unit building built in 2004 in the Parkchester/Castle Hill section of the Bronx; Unit mix: 7 two‑bedroom units and 1 one‑bedroom unit; Each apartment has its own boiler unit, with gas and electric separately metered
