Brick Triplex with Two-Car
For Sale
$1,199,000
1348 Elder Ave The, Bronx, NY 10472
Three apartments with separate gas and electric meters, plus a backyard and two-car garage.
Property Size3,100 SF
Days on Market9
Property Features for 1348 Elder Ave The
General Information
Standard status
Active
Size
3,100 SF
Total Parking Spaces
2
Property subtype
Investment
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
5-bedroom, 4-bedroom, 1-bedroom
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$6,774
Amenities
large backyard
Building Details
Building Size
3,100 SF
Year Built
1920
Buildings
1
Units
3
Construction
brick
Listing Agency:
RE/MAX Top
Listed By:
Miriam Soto · License #30SO0828290
(917) 837-7600
Source:
Elliman
Added: Sep 19
Changed: Sep 20
Last Checked: Sep 26 at 12:06PM
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 Top
Investment Insights
Based on property information with market context.
This 1920 brick triplex contains three apartments with a 5-bedroom, 4-bedroom, and 1-bedroom configuration. The building includes a gas boiler heating system, separate gas and electric meters for each apartment, a two-car garage, and a large backyard. Interior spaces receive natural light and provide room for customization.
Located at 1348 Elder Ave in The Bronx, the property is near transportation, shopping, schools, and neighborhood amenities. Walk Score is 82, Bike Score is 76, and Transit Score is 100, providing documented access to multiple transportation options.
The three-unit layout offers a defined multifamily configuration with varied apartment sizes and dedicated utility metering.
Located at 1348 Elder Ave in The Bronx, the property is near transportation, shopping, schools, and neighborhood amenities. Walk Score is 82, Bike Score is 76, and Transit Score is 100, providing documented access to multiple transportation options.
The three-unit layout offers a defined multifamily configuration with varied apartment sizes and dedicated utility metering.
Key Highlights
- Three‑unit brick property built in 1920
- Apartment mix includes 5‑bedroom, 4‑bedroom, and 1‑bedroom units
- Separate utility service with three gas meters and three electric meters
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
$78,745
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
6.57%
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%
$1,574,900
$1.6M
Cap Rate 7%
$1,124,929
$1.1M
Cap Rate 9%
$874,944
$874.9K
Market Conditions
NOI Build-Up for 3,100 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
$119.0K $38.40/SF
− Vacancy
−$6.5K −$2.11/SF
EGI
$112.5K $36.29/SF
− OpEx
−$33.7K −$10.89/SF
NOI
$78.7K $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%
$1,574,900
Cap Rate 7%
$1,124,929
Cap Rate 9%
$874,944
Alternative Uses
Best Use
Multifamily LT 5
$1.12M
$984.3K – $1.31M
NOI $78,745 @ 7.0% cap · market cap 6.57%
Second Best
Apartment 5plus
$1.02M
$891.4K – $1.19M
NOI $71,311 @ 7.0% cap · market cap 5.95%
Theoretical Best
Warehouse
$2.15M
$1.88M – $2.51M
NOI $150,366 @ 7.0% cap · market cap 12.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Yes
Utilities to site
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Three apartments with separate gas and electric meters, plus a backyard and two-car garage.
Where is this triplex located?
The property is located at 1348 Elder Ave The Bronx, NY.
What is the asking price?
The asking price for this property is $1,199,000.
What are key features of this property?
This property features: Three‑unit brick property built in 1920; Apartment mix includes 5‑bedroom, 4‑bedroom, and 1‑bedroom units; Separate utility service with three gas meters and three electric meters
