Pre-War Brick
For Sale
$1,495,000
2023 Hughes Avenue, Bronx, NY 10457
Three-story townhouse with high ceilings, oversized windows, and adaptable apartment layouts in the Bronx.
Property Size3,300 SF
Lot Size0.06 Acres
Price / SF$453.03
Days on Market332
Property Features for 2023 Hughes Avenue
General Information
Standard status
Active
Size
3,300 SF
Lot size
0.06 Acres
Property subtype
Triplex
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$5,520
Building Details
Building Size
3,300 SF
Year Built
1931
Buildings
1
Stories
3
Construction
brick
Listing Agency:
Sotheby's International Realty
(646) 265-2262
Listed By:
Christopher Casey
Source:
Serhant
Added: Sep 18, 2025
Changed: Aug 9
Last Checked: Aug 15 at 12:48PM
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 Sotheby's International Realty
Investment Insights
Based on property information with market context.
This pre-war brick triplex was built in 1931 and contains approximately 3,300 square feet across three floors on a 2,660-square-foot lot. The property features high ceilings, oversized windows, and traditional architectural details, with apartment interiors offering substantial living areas and flexibility for future updates. The unit count is not specified consistently in the available property information.
Located at 2023 Hughes Avenue in the Bronx, the property is near schools, retail, restaurants, and green spaces, including Bronx Park and the Bronx Zoo. Multiple bus routes and subway options provide connections through the Bronx and to Manhattan.
Located at 2023 Hughes Avenue in the Bronx, the property is near schools, retail, restaurants, and green spaces, including Bronx Park and the Bronx Zoo. Multiple bus routes and subway options provide connections through the Bronx and to Manhattan.
Key Highlights
- Approximately 3,300 square feet across three floors
- 2,660‑square‑foot lot at 2023 Hughes Avenue
- Built in 1931 with pre‑war brick construction
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
$83,825
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
5.61%
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%
$1,676,500
$1.7M
Cap Rate 7%
$1,197,500
$1.2M
Cap Rate 9%
$931,389
$931.4K
Market Conditions
NOI Build-Up for 3,300 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
$126.7K $38.40/SF
− Vacancy
−$7.0K −$2.11/SF
EGI
$119.8K $36.29/SF
− OpEx
−$35.9K −$10.89/SF
NOI
$83.8K $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%
$1,676,500
Cap Rate 7%
$1,197,500
Cap Rate 9%
$931,389
Alternative Uses
Best Use
Multifamily LT 5
$1.20M
$1.05M – $1.40M
NOI $83,825 @ 7.0% cap · market cap 5.61%
Second Best
Apartment 5plus
$1.08M
$948.9K – $1.27M
NOI $75,912 @ 7.0% cap · market cap 5.08%
Theoretical Best
Warehouse
$2.29M
$2.00M – $2.67M
NOI $160,067 @ 7.0% cap · market cap 10.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,930
Businesses Nearby
Explore this area
Business Placement
Demographics for 10457, NY
77,488
Population
27,795
Households
2.8
Avg Household Size
33
Median Age
15%
College-Educated
70%
High-School Grad
1.3 sq mi
ZIP Area
59,606
Density / Sq Mi
$44,911
Median Household Income
$30,564
Median Earnings
$1,400
Median Rent
$336,900
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 - Three-story townhouse with high ceilings, oversized windows, and adaptable apartment layouts in the Bronx.
Where is this triplex located?
The property is located at 2023 Hughes Avenue Bronx, NY.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: Approximately 3,300 square feet across three floors; 2,660‑square‑foot lot at 2023 Hughes Avenue; Built in 1931 with pre‑war brick construction
