Two-Family Home with Finished
For Sale
$849,000
1738 Melville Street, Bronx, NY 10460
Residential property with a finished basement, substantial bedroom count, and access to Bronx amenities and transit.
Property Size2,064 SF
Days on Market19
Property Features for 1738 Melville Street
General Information
Standard status
Active
Size
2,064 SF
Property subtype
Duplex
Additional Details
Public Transit
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,998
Building Details
Building Size
2,064 SF
Year Built
1905
Listing Agency:
City Homes Realty Group LLC
(718) 255-9888
Listed By:
Segundo F. Agudo CBR E-PRO
Source:
Serhant
Added: Jul 28
Changed: Aug 14
Last Checked: Aug 15 at 12:57PM
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 City Homes Realty Group LLC
Investment Insights
Based on property information with market context.
Built in 1905, this two-family residential property includes six bedrooms, two full bathrooms, and a finished basement. The configuration provides a substantial amount of living space within a classic residential asset in the Bronx.
The home is situated in Van Nest near Bronx Park, the Bronx Zoo, and the New York Botanical Garden. Access to the 2 and 5 subway lines supports connections throughout the area, while nearby highways, restaurants, shopping, schools, and daily services add to the surrounding convenience.
The home is situated in Van Nest near Bronx Park, the Bronx Zoo, and the New York Botanical Garden. Access to the 2 and 5 subway lines supports connections throughout the area, while nearby highways, restaurants, shopping, schools, and daily services add to the surrounding convenience.
Key Highlights
- Two‑family residential property at 1738 Melville Street, Bronx, NY 10460
- Six bedrooms and 2 full bathrooms
- Finished basement included
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
$52,429
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
6.18%
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%
$1,048,580
$1.0M
Cap Rate 7%
$748,986
$749.0K
Cap Rate 9%
$582,544
$582.5K
Market Conditions
NOI Build-Up for 2,064 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
$79.3K $38.40/SF
− Vacancy
−$4.4K −$2.11/SF
EGI
$74.9K $36.29/SF
− OpEx
−$22.5K −$10.89/SF
NOI
$52.4K $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%
$1,048,580
Cap Rate 7%
$748,986
Cap Rate 9%
$582,544
Alternative Uses
Best Use
Multifamily LT 5
$749.0K
$655.4K – $873.8K
NOI $52,429 @ 7.0% cap · market cap 6.18%
Second Best
Apartment 5plus
$678.3K
$593.5K – $791.3K
NOI $47,480 @ 7.0% cap · market cap 5.59%
Theoretical Best
Warehouse
$1.43M
$1.25M – $1.67M
NOI $100,114 @ 7.0% cap · market cap 11.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
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
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 - Residential property with a finished basement, substantial bedroom count, and access to Bronx amenities and transit.
Where is this duplex located?
The property is located at 1738 Melville Street Bronx, NY.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: Two‑family residential property at 1738 Melville Street, Bronx, NY 10460; Six bedrooms and 2 full bathrooms; Finished basement included
