Updated Three-Unit Detached
For Sale
$1,095,000
1845 Tomlinson Avenue, Bronx, NY 10461
Fully rented property with renovated kitchens, outdoor areas, garage, and shared laundry facilities.
Property Size2,987 SF
Days on Market13
Property Features for 1845 Tomlinson Avenue
General Information
Standard status
Active
Size
2,987 SF
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
2 x 3BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$8,553
Amenities
backyard
front and rear decks
shared driveway
detached one-car garage
shared laundry room
Building Details
Building Size
2,987 SF
Year Built
1925
Buildings
1
Units
2
Tenancy
Multi
Listing Agency:
Lemon Realty LLC
(929) 800-7447
Listed By:
Ardit Hysaj
(929) 800-7447
Source:
Cohenandcohenrealty
Added: Aug 12
Changed: Aug 18
Last Checked: Aug 23 at 12:04PM
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 Lemon Realty LLC
Investment Insights
Based on property information with market context.
This detached triplex contains two three-bedroom, one-bath apartments and one one-bedroom, one-bath apartment. Each unit received a new kitchen in 2024, while the property also benefits from a 2024 heating system, updated flooring, bedroom carpeting, and new siding. A spacious attic provides additional storage, and the building includes a shared laundry room for tenant use.
Outdoor features include front and rear decks with awnings, a backyard, a shared driveway, and a detached one-car garage. The property is fully rented, with leases and rent receipts available, and is located near shops, restaurants, schools, transportation, and everyday amenities in Morris Park. Built in 1925, the property combines three separate apartments with recent improvements and dedicated outdoor and storage areas.
Outdoor features include front and rear decks with awnings, a backyard, a shared driveway, and a detached one-car garage. The property is fully rented, with leases and rent receipts available, and is located near shops, restaurants, schools, transportation, and everyday amenities in Morris Park. Built in 1925, the property combines three separate apartments with recent improvements and dedicated outdoor and storage areas.
Key Highlights
- Three separate apartments: two 3‑bedroom/1‑bath units and one 1‑bedroom/1‑bath unit
- Three new kitchens installed in 2024
- New heating system installed in 2024
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
$75,875
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
6.93%
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%
$1,517,500
$1.5M
Cap Rate 7%
$1,083,929
$1.1M
Cap Rate 9%
$843,056
$843.1K
Market Conditions
NOI Build-Up for 2,987 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
$114.7K $38.40/SF
− Vacancy
−$6.3K −$2.11/SF
EGI
$108.4K $36.29/SF
− OpEx
−$32.5K −$10.89/SF
NOI
$75.9K $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%
$1,517,500
Cap Rate 7%
$1,083,929
Cap Rate 9%
$843,056
Alternative Uses
Best Use
Multifamily LT 5
$1.08M
$948.4K – $1.26M
NOI $75,875 @ 7.0% cap · market cap 6.93%
Second Best
Apartment 5plus
$981.6K
$858.9K – $1.15M
NOI $68,712 @ 7.0% cap · market cap 6.28%
Theoretical Best
Warehouse
$2.07M
$1.81M – $2.41M
NOI $144,885 @ 7.0% cap · market cap 13.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,785
Businesses Nearby
Explore this area
Business Placement
Demographics for 10461, NY
54,901
Population
20,418
Households
2.7
Avg Household Size
38
Median Age
27%
College-Educated
82%
High-School Grad
2.4 sq mi
ZIP Area
22,875
Density / Sq Mi
$65,023
Median Household Income
$45,445
Median Earnings
$1,741
Median Rent
$640,400
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 - Fully rented property with renovated kitchens, outdoor areas, garage, and shared laundry facilities.
Where is this triplex located?
The property is located at 1845 Tomlinson Avenue Bronx, NY.
What is the asking price?
The asking price for this property is $1,095,000.
What are key features of this property?
This property features: Three separate apartments: two 3‑bedroom/1‑bath units and one 1‑bedroom/1‑bath unit; Three new kitchens installed in 2024; New heating system installed in 2024
