Brick Duplex with R6
New
For Sale
$1,400,000
Pending
2181 Muliner Ave The, Bronx, NY 10462
Two residences, a finished lower level, and an adjoining lot provide flexible occupancy and expansion options.
Property Size4,636 SF
Days on Market3
Property Features for 2181 Muliner Ave The
General Information
Standard status
Pending
Size
4,636 SF
Property subtype
Investment
Zoning
R6
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 3BR/1BA, 1 x 3BR/2BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$9,959
Building Details
Building Size
4,636 SF
Year Built
1940
Buildings
1
Units
3
Construction
brick
Tenancy
Single
Listing Agency:
(914) 469-1888
Listed By:
Peter Chong · License #30CH0927685
(914) 469-1888
Source:
Elliman
Added: Aug 14
Changed: Aug 15
Last Checked: Aug 15 at 4:11AM
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 Peter Chong
Investment Insights
Based on property information with market context.
This brick duplex includes a three-bedroom, one-bath apartment and a separate three-bedroom, two-bath residence. Finished lower-level space has its own entrance, while the Certificate of Occupancy permits occupancy by three families. The first-floor apartment is leased month-to-month, the second floor and finished attic are owner-occupied, and the lower level is vacant. An adjoining lot is included with the property, and the parcel carries R6 zoning.
The property is located in Morris Park near transportation, shopping, hospitals and medical facilities, restaurants, schools, and major highways. Its address in The Bronx is supported by a 91 Walk Score, 94 Transit Score, and 82 Bike Score.
The property is located in Morris Park near transportation, shopping, hospitals and medical facilities, restaurants, schools, and major highways. Its address in The Bronx is supported by a 91 Walk Score, 94 Transit Score, and 82 Bike Score.
Key Highlights
- Three‑bedroom, one‑bath apartment plus a three‑bedroom, two‑bath residence
- Certificate of Occupancy permits occupancy by three families
- Finished lower level with separate entrance; currently vacant
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
$112,574
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
8.04%
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%
$2,251,480
$2.3M
Cap Rate 7%
$1,608,200
$1.6M
Cap Rate 9%
$1,250,822
$1.3M
Market Conditions
NOI Build-Up for 4,636 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
$169.7K $36.60/SF
− Vacancy
−$8.9K −$1.91/SF
EGI
$160.8K $34.69/SF
− OpEx
−$48.2K −$10.41/SF
NOI
$112.6K $24.28/SF
Area
ZIP 10462
Vacancy
5.22%
Lease Rate
$36.60 /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%
$2,251,480
Cap Rate 7%
$1,608,200
Cap Rate 9%
$1,250,822
Alternative Uses
Best Use
Multifamily LT 5
$1.61M
$1.41M – $1.88M
NOI $112,574 @ 7.0% cap · market cap 8.04%
Second Best
Apartment 5plus
$1.43M
$1.25M – $1.67M
NOI $100,334 @ 7.0% cap · market cap 7.17%
Theoretical Best
Office A
$2.21M
$1.94M – $2.58M
NOI $154,843 @ 7.0% cap · market cap 11.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,758
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?
Duplex - Two residences, a finished lower level, and an adjoining lot provide flexible occupancy and expansion options.
Where is this duplex located?
The property is located at 2181 Muliner Ave The Bronx, NY.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Three‑bedroom, one‑bath apartment plus a three‑bedroom, two‑bath residence; Certificate of Occupancy permits occupancy by three families; Finished lower level with separate entrance; currently vacant
