Mixed-Use Multifamily with Office
For Sale
$1,249,999
1661 E 172nd St The, Bronx, NY 10472
Four residential units plus a dedicated office space, with an extensive basement offering room to expand or reconfigure.
Property Size4,800 SF
Days on Market54
Property Features for 1661 E 172nd St The
General Information
Standard status
Active
Size
4,800 SF
Property subtype
Investment
Occupancy
100%
Units
Multifamily Units
4
Office Units
1
Taxes and HOA fees
Annual Taxes
$29,457
Building Details
Building Size
4,800 SF
Year Built
1926
Units
4
Listing Agency:
eXp Realty
Listed By:
Manuel Galan
(917) 599-8976
Source:
Elliman
Added: Jul 24
Changed: Aug 23
Last Checked: Sep 14 at 9:36AM
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 eXp Realty
Investment Insights
Based on property information with market context.
1661 E 172nd St presents a mixed-use income property with four residential units and a dedicated office space, along with an enormous basement. The first floor features a three-bedroom, one-bath layout. The second floor contains two separate units: a large four-bedroom unit and a three-bedroom unit, each with its own full bathroom. A side unit adds an additional three-bedroom, one-bath residence, rounding out the four living-unit configuration. Every unit is currently occupied by long-term tenants.
For access and convenience, the property is described as being just steps from the 6 train and served by nearby bus lines (Bx11 and Bx4). WalkScore and transitScore are listed as 91 and 90, respectively, supporting everyday mobility to local destinations.
The basement is highlighted as substantial and suited for an owner’s personal touch, whether for cosmetic updates, added storage, or potential additional living-area use. The property is positioned as well-maintained while offering flexibility for a new owner to enhance the space.
For access and convenience, the property is described as being just steps from the 6 train and served by nearby bus lines (Bx11 and Bx4). WalkScore and transitScore are listed as 91 and 90, respectively, supporting everyday mobility to local destinations.
The basement is highlighted as substantial and suited for an owner’s personal touch, whether for cosmetic updates, added storage, or potential additional living-area use. The property is positioned as well-maintained while offering flexibility for a new owner to enhance the space.
Key Highlights
- Year built 1926 multi‑family with four residential units plus a dedicated office space
- Four residential units include: one 3‑bed/1‑bath, one 4‑bed with full bathroom, one 3‑bed with full bathroom, and one 3‑bed/1‑bath
- All units are currently occupied by long‑term tenants
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
$110,417
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
8.83%
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%
$2,208,340
$2.2M
Cap Rate 7%
$1,577,386
$1.6M
Cap Rate 9%
$1,226,856
$1.2M
Market Conditions
NOI Build-Up for 4,800 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
$213.1K $44.40/SF
− Vacancy
−$12.4K −$2.58/SF
EGI
$200.8K $41.82/SF
− OpEx
−$90.3K −$18.82/SF
NOI
$110.4K $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%
$2,208,340
Cap Rate 7%
$1,577,386
Cap Rate 9%
$1,226,856
Alternative Uses
Best Use
Multifamily LT 5
$1.74M
$1.52M – $2.03M
NOI $121,928 @ 7.0% cap · market cap 9.75%
Second Best
Apartment 5plus
$1.58M
$1.38M – $1.84M
NOI $110,417 @ 7.0% cap · market cap 8.83%
Theoretical Best
Warehouse
$3.33M
$2.91M – $3.88M
NOI $232,824 @ 7.0% cap · market cap 18.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Office units
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
3,040
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four residential units plus a dedicated office space, with an extensive basement offering room to expand or reconfigure.
Where is this quadplex located?
The property is located at 1661 E 172nd St The Bronx, NY.
What is the asking price?
The asking price for this property is $1,249,999.
What are key features of this property?
This property features: Year built 1926 multi‑family with four residential units plus a dedicated office space; Four residential units include: one 3‑bed/1‑bath, one 4‑bed with full bathroom, one 3‑bed with full bathroom, and one 3‑bed/1‑bath; All units are currently occupied by long‑term tenants
