Vacant Triplex with
For Sale
Contact for pricing
1344 Elder Avenue, Bronx, NY 10472
Three floor-through apartments with a garage are delivered vacant, including one unit needing a full renovation.
Property Size3,813 SF
Lot Size0.06 Acres
Price / SF$275.37
Days on Market70
Property Features for 1344 Elder Avenue
General Information
Standard status
Active
Size
3,813 SF
Lot size
0.06 Acres
Property subtype
Multifamily
Zoning
R6
Net Operating Income
$94,758
Additional Details
Highway Access
Yes
Multifamily Units
3
Building Details
Stories
3
Units
3
Tenancy
Multi
Listing Agency:
IPRG Investment Property Realty Group
Listed By:
Carson Brantley · License #10401396474
Source:
Crexi
Added: Jun 5
Changed: Aug 10
Last Checked: Aug 12 at 11:30AM
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 IPRG Investment Property Realty Group
Investment Insights
Based on property information with market context.
1344 Elder Avenue is a for-sale triplex configured as three floor-through apartments with a garage. The property includes one studio and two 3-bedroom apartments, with one 3-bedroom unit currently in need of a full renovation. The building has no cellar and is sized at approximately 3,813 square feet, with building dimensions of 20.5 feet by 62 feet.
The lot measures approximately 25 feet by 100 feet and is zoned R6. The zoning allows for an Alt-1 conversion to 8 apartments, subject to applicable approvals. The property is located between Bronx River Avenue and East 172nd Street in the Park Versailles – Bronx River neighborhood of the Bronx, with walking distance access to the 6 subway line and convenient access to the Cross Bronx Expressway.
This asset can fit buyers seeking an income-producing multifamily property with delivery vacant for immediate occupancy planning or renovation. The presence of one unit requiring a full renovation may appeal to owner-operators or investors looking to standardize the interiors and position the building for the intended post-renovation mix within the existing three-unit structure or explore the R6 Alt-1 conversion pathway to expand to 8 apartments.
The lot measures approximately 25 feet by 100 feet and is zoned R6. The zoning allows for an Alt-1 conversion to 8 apartments, subject to applicable approvals. The property is located between Bronx River Avenue and East 172nd Street in the Park Versailles – Bronx River neighborhood of the Bronx, with walking distance access to the 6 subway line and convenient access to the Cross Bronx Expressway.
This asset can fit buyers seeking an income-producing multifamily property with delivery vacant for immediate occupancy planning or renovation. The presence of one unit requiring a full renovation may appeal to owner-operators or investors looking to standardize the interiors and position the building for the intended post-renovation mix within the existing three-unit structure or explore the R6 Alt-1 conversion pathway to expand to 8 apartments.
Key Highlights
- 3 floor‑through apartments plus a garage delivered vacant for an investor‑ready sale
- Unit mix: 1 studio and two 3‑bedroom apartments; one 3‑bedroom unit is in need of a full renovation
- Building size is 3,813 SF with dimensions of 20.5 ft x 62 ft
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
$87,713
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
8.35%
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%
$1,754,260
$1.8M
Cap Rate 7%
$1,253,043
$1.3M
Cap Rate 9%
$974,589
$974.6K
Market Conditions
NOI Build-Up for 3,813 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
$169.3K $44.40/SF
− Vacancy
−$9.8K −$2.58/SF
EGI
$159.5K $41.82/SF
− OpEx
−$71.8K −$18.82/SF
NOI
$87.7K $23.00/SF
Area
Bronx, NY
Vacancy
5.80%
Lease Rate
$44.40 /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%
$1,754,260
Cap Rate 7%
$1,253,043
Cap Rate 9%
$974,589
Alternative Uses
Best Use
Multifamily LT 5
$1.38M
$1.21M – $1.61M
NOI $96,856 @ 7.0% cap · market cap 9.22%
Second Best
Apartment 5plus
$1.25M
$1.10M – $1.46M
NOI $87,713 @ 7.0% cap · market cap 8.35%
Theoretical Best
Warehouse
$2.64M
$2.31M – $3.08M
NOI $184,950 @ 7.0% cap · market cap 17.61%
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
2,799
Businesses Nearby
Explore this area
Business Placement
Demographics for 10472, NY
72,245
Population
24,259
Households
3
Avg Household Size
34
Median Age
14%
College-Educated
69%
High-School Grad
1.1 sq mi
ZIP Area
65,677
Density / Sq Mi
$43,125
Median Household Income
$35,180
Median Earnings
$1,445
Median Rent
$632,500
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 - Three floor-through apartments with a garage are delivered vacant, including one unit needing a full renovation.
Where is this triplex located?
The property is located at 1344 Elder Avenue Bronx, NY.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: 3 floor‑through apartments plus a garage delivered vacant for an investor‑ready sale; Unit mix: 1 studio and two 3‑bedroom apartments; one 3‑bedroom unit is in need of a full renovation; Building size is 3,813 SF with dimensions of 20.5 ft x 62 ft
