8-Unit Apartment
For Sale
$1,950,000
1323 Purdy St The, Bronx, NY 10462
Eight-unit multifamily property with seven one-bedroom apartments and a separate garage or office space.
Property Size5,930 SF
Days on Market20
Property Features for 1323 Purdy St The
General Information
Standard status
Active
Size
5,930 SF
Property subtype
Commercial
Additional Details
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$27,628
Building Details
Building Size
5,930 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 10 at 5:00AM
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 featuring seven one-bedroom units and one garage/office space. Each apartment has its own boiler unit, and gas and electric are separately metered; tenant utility expenses are paid by tenants, with the exception of water. The building is described as being in above-average condition, and the seller is identified as the original owner and builder.
The property is located in the Parkchester/Castle Hill section of the Bronx and is described as being a short distance to the Castle Hill #6 subway line, supporting convenient access for commuters.
The current annual rent roll is stated as $147,420, with annual expenses of $53,090, for a 2025 net operating income of $94,330. Photos are noted as being from the three adjacent properties also offered for sale at 1321 Purdy Street and 1325 Purdy Street, and full video is available.
The property is located in the Parkchester/Castle Hill section of the Bronx and is described as being a short distance to the Castle Hill #6 subway line, supporting convenient access for commuters.
The current annual rent roll is stated as $147,420, with annual expenses of $53,090, for a 2025 net operating income of $94,330. Photos are noted as being from the three adjacent properties also offered for sale at 1321 Purdy Street and 1325 Purdy Street, and full video is available.
Key Highlights
- 8‑unit multifamily building built in 2004 (Parkchester/Castle Hill, Bronx).
- Unit mix: 7 one‑bedroom apartments plus 1 garage/office space.
- Each apartment has its own boiler unit; gas and electric are 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
$128,339
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
6.58%
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%
$2,566,780
$2.6M
Cap Rate 7%
$1,833,414
$1.8M
Cap Rate 9%
$1,425,989
$1.4M
Market Conditions
NOI Build-Up for 5,930 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
$246.9K $41.64/SF
− Vacancy
−$13.6K −$2.29/SF
EGI
$233.3K $39.35/SF
− OpEx
−$105.0K −$17.71/SF
NOI
$128.3K $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%
$2,566,780
Cap Rate 7%
$1,833,414
Cap Rate 9%
$1,425,989
Alternative Uses
Best Use
Apartment 5plus
$1.83M
$1.60M – $2.14M
NOI $128,339 @ 7.0% cap · market cap 6.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.83M
$2.48M – $3.30M
NOI $198,063 @ 7.0% cap · market cap 10.16%
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-unit multifamily property with seven one-bedroom apartments and a separate garage or office space.
Where is this apartment building located?
The property is located at 1323 Purdy St The Bronx, NY.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: 8‑unit multifamily building built in 2004 (Parkchester/Castle Hill, Bronx).; Unit mix: 7 one‑bedroom apartments plus 1 garage/office space.; Each apartment has its own boiler unit; gas and electric are separately metered.
