Renovated Three-Unit
For Sale
$1,599,000
514 E 188th St The, Bronx, NY 10458
Completely renovated three-family home with separate heating and cooling split units, private laundry in each unit, and individual hot water heaters.
Property Size3,096 SF
Days on Market45
Property Features for 514 E 188th St The
General Information
Standard status
Active
Size
3,096 SF
Property subtype
Investment
Additional Details
Highway Access
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$5,713
Amenities
split unit HVAC
private balcony
backyard
laundry room
Building Details
Building Size
3,096 SF
Year Built
1901
Units
3
Tenancy
Multi
Listing Agency:
RE/MAX Distinguished Homes & Properties
Listed By:
Hermi Aquino · License #30AQ1103641
(646) 685-6269
Source:
Elliman
Added: Jul 22
Changed: Aug 25
Last Checked: Sep 1 at 9:56PM
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 RE/MAX Distinguished Homes & Properties
Investment Insights
Based on property information with market context.
This fully renovated three-family property offers three separate apartments within one building. The home has been upgraded from top to bottom, including newly renovated kitchens and bathrooms, new electrical, and new flooring throughout. Each unit has its own dedicated heating and cooling via split units, with a private laundry room including a washer and dryer setup, and each apartment also has its own hot water heater. Apartment layouts include a first-floor unit with three bedrooms and two baths, plus private balcony access to a spacious backyard, and two additional units with four bedrooms and two full baths each.
The building is located at 514 E 188th St in The Bronx, in the Belmont section. It is described as being a few steps from Fordham University, the Botanical Gardens, The Bronx Zoo, and the Fordham Rd Metro North Station, with nearby subway lines #4, #D, and #2. The remarks also note proximity to major highways and the Fordham Rd shopping hub.
From a practical standpoint, the property’s unit-by-unit mechanical separation and in-unit laundry amenities support efficient day-to-day operations across the three apartments.
The building is located at 514 E 188th St in The Bronx, in the Belmont section. It is described as being a few steps from Fordham University, the Botanical Gardens, The Bronx Zoo, and the Fordham Rd Metro North Station, with nearby subway lines #4, #D, and #2. The remarks also note proximity to major highways and the Fordham Rd shopping hub.
From a practical standpoint, the property’s unit-by-unit mechanical separation and in-unit laundry amenities support efficient day-to-day operations across the three apartments.
Key Highlights
- Completely renovated 3‑family home built in 1901 with separate systems for each unit
- New separate heating and cooling split units installed in each room throughout the house
- Each unit includes a private laundry room with washer & dryer setup
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
$78,643
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
4.92%
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%
$1,572,860
$1.6M
Cap Rate 7%
$1,123,471
$1.1M
Cap Rate 9%
$873,811
$873.8K
Market Conditions
NOI Build-Up for 3,096 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
$118.9K $38.40/SF
− Vacancy
−$6.5K −$2.11/SF
EGI
$112.3K $36.29/SF
− OpEx
−$33.7K −$10.89/SF
NOI
$78.6K $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%
$1,572,860
Cap Rate 7%
$1,123,471
Cap Rate 9%
$873,811
Alternative Uses
Best Use
Multifamily LT 5
$1.12M
$983.0K – $1.31M
NOI $78,643 @ 7.0% cap · market cap 4.92%
Second Best
Apartment 5plus
$1.02M
$890.2K – $1.19M
NOI $71,219 @ 7.0% cap · market cap 4.45%
Theoretical Best
Warehouse
$2.15M
$1.88M – $2.50M
NOI $150,172 @ 7.0% cap · market cap 9.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
5,552
Businesses Nearby
Explore this area
Business Placement
Demographics for 10458, NY
81,299
Population
30,592
Households
2.7
Avg Household Size
32
Median Age
16%
College-Educated
68%
High-School Grad
1.2 sq mi
ZIP Area
67,749
Density / Sq Mi
$42,107
Median Household Income
$29,596
Median Earnings
$1,548
Median Rent
$515,700
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?
Triplex - Completely renovated three-family home with separate heating and cooling split units, private laundry in each unit, and individual hot water heaters.
Where is this triplex located?
The property is located at 514 E 188th St The Bronx, NY.
What is the asking price?
The asking price for this property is $1,599,000.
What are key features of this property?
This property features: Completely renovated 3‑family home built in 1901 with separate systems for each unit; New separate heating and cooling split units installed in each room throughout the house; Each unit includes a private laundry room with washer & dryer setup
