Spacious Two-Family Home in
For Sale
$749,900
Pending
1723 Melville St The, Bronx, NY 10460
Two-family home with flexible layout, backyard, and convenient location.
Property Size2,128 SF
Days on Market144
Property Features for 1723 Melville St The
General Information
Standard status
Pending
Size
2,128 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$5,998
Building Details
Building Size
2,128 SF
Year Built
1910
Units
2
Listing Agency:
Exit Realty Power
Listed By:
Paul Magyar · License #10401271927
(914) 843-8266
Source:
Elliman
Added: Apr 28
Changed: Sep 13
Last Checked: Sep 16 at 6:25PM
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 Exit Realty Power
Investment Insights
Based on property information with market context.
This spacious, fully detached two-family home is located in the Van Nest neighborhood of the Bronx, offering potential for owner-occupants or investors. The property features over 2100 square feet of living space with original charm and unique features. Both the main and top floors offer a functional layout with 4 bedrooms and 1 full bathroom, providing ample space for everyday living and flexible use of rooms for bedrooms, living/dining areas, a home office, or guest space. The top floor also features a bonus room, adding additional versatility for a nursery, office, walk-in closet, or extra storage. The home includes a large, semi-finished basement with further potential for recreation space, storage, a laundry area, and customization. A private backyard is ideal for outdoor entertaining, cookouts, gardening, and relaxing. The property presents a wonderful opportunity for renovation, modernization, and customization. Conveniently located near neighborhood shops, schools, restaurants, parks, and places of worship, it offers easy transportation access, including the IRT White Plains Road Line (2 and 5 trains), multiple local bus routes, and quick access to the Bronx River Parkway and Cross Bronx Expressway, offering easy commuting throughout New York City and beyond. The bike score is 82, making it very bikeable. The walk score is 91, indicating it is a walker's paradise, and the transit score is 94, meaning it is a rider's paradise. The property is sold as-is.
Key Highlights
- Excellent Transit Score (94): Rider's Paradise, with easy access to the 2 and 5 trains, multiple bus routes, Bronx River Parkway, and Cross Bronx Expressway.
- Spacious, Detached 2‑Family Home: Offers over 2100 sq ft of living space with layout flexibility.
- Two Units, Each with 4 Bedrooms and 1 Bathroom: Provides ample living space and potential rental income.
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
$53,343
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
7.11%
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%
$1,066,860
$1.1M
Cap Rate 7%
$762,043
$762.0K
Cap Rate 9%
$592,700
$592.7K
Market Conditions
NOI Build-Up for 2,100 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
$80.6K $38.40/SF
− Vacancy
−$4.4K −$2.11/SF
EGI
$76.2K $36.29/SF
− OpEx
−$22.9K −$10.89/SF
NOI
$53.3K $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%
$1,066,860
Cap Rate 7%
$762,043
Cap Rate 9%
$592,700
Alternative Uses
Best Use
Multifamily LT 5
$762.0K
$666.8K – $889.1K
NOI $53,343 @ 7.0% cap · market cap 7.11%
Second Best
Apartment 5plus
$690.1K
$603.9K – $805.1K
NOI $48,308 @ 7.0% cap · market cap 6.44%
Theoretical Best
Warehouse
$1.46M
$1.27M – $1.70M
NOI $101,861 @ 7.0% cap · market cap 13.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,704
Businesses Nearby
Explore this area
Business Placement
Demographics for 10460, NY
62,625
Population
24,085
Households
2.6
Avg Household Size
34
Median Age
15%
College-Educated
71%
High-School Grad
1.5 sq mi
ZIP Area
41,750
Density / Sq Mi
$36,067
Median Household Income
$31,283
Median Earnings
$1,332
Median Rent
$589,300
Median Home Value
Check the figures for this property
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?
Duplex - Two-family home with flexible layout, backyard, and convenient location.
Where is this duplex located?
The property is located at 1723 Melville St The Bronx, NY.
What is the asking price?
The asking price for this property is $749,900.
What are key features of this property?
This property features: Excellent Transit Score (94): Rider's Paradise, with easy access to the 2 and 5 trains, multiple bus routes, Bronx River Parkway, and Cross Bronx Expressway.; Spacious, Detached 2‑Family Home: Offers over 2100 sq ft of living space with layout flexibility.; Two Units, Each with 4 Bedrooms and 1 Bathroom: Provides ample living space and potential rental income.
