Legal Duplex with Solar
For Sale
Contact for pricing
2226 Norton Avenue, Bronx, NY 10473
Bi-level owner residence includes three bedrooms, while a separate upper-level apartment provides additional occupancy.
Property Size2,325 SF
Price / SF$365.59
Days on Market51
Property Features for 2226 Norton Avenue
General Information
Standard status
Active
Size
2,325 SF
Total Parking Spaces
2
Property subtype
Retail, Multifamily
Zoning
R3-2
Investment Type
Owner/User
Additional Details
Utilities to Site
Yes
Building Details
Year Built
2000
Buildings
1
Units
2
Tenancy
Multi
Listing Agency:
Keller Williams Realty NYC Group
(845) 304-5745
Listed By:
Gregory Tsougranis · License #NY 10469
Source:
Crexi
Added: Jul 14
Changed: Aug 31
Last Checked: Aug 31 at 9:02PM
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 Keller Williams Realty NYC Group
Investment Insights
Based on property information with market context.
This legal duplex, completed in 2000, contains 2,325 square feet and is arranged with a bi-level owner's residence plus a separate second-floor apartment. The owner's unit includes three bedrooms, an open living arrangement, and a renovated full bathroom serving the upper-level primary bedroom. Its kitchen is fitted with modern cabinetry, quartz countertops, and stainless-steel appliances. The second residence offers a separate layout for tenant occupancy.
Solar panels help limit the property's electric usage. The owner pays for water, while the tenant separately handles all other utilities. The property is located at 2226 Norton Avenue in the Soundview section of the Bronx, near the Soundview ferry, with stated travel times of 15 minutes to the Upper East Side, 30 minutes to Midtown, and 45 minutes to Wall Street. Nearby parks, trails, and community centers add to the surrounding residential setting. The property is zoned R3-2.
Solar panels help limit the property's electric usage. The owner pays for water, while the tenant separately handles all other utilities. The property is located at 2226 Norton Avenue in the Soundview section of the Bronx, near the Soundview ferry, with stated travel times of 15 minutes to the Upper East Side, 30 minutes to Midtown, and 45 minutes to Wall Street. Nearby parks, trails, and community centers add to the surrounding residential setting. The property is zoned R3-2.
Key Highlights
- Legal duplex with 2,325 square feet, built in 2000
- Bi‑level owner's unit with 3 bedrooms
- Separate second‑floor tenant apartment
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
$59,059
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
6.95%
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%
$1,181,180
$1.2M
Cap Rate 7%
$843,700
$843.7K
Cap Rate 9%
$656,211
$656.2K
Market Conditions
NOI Build-Up for 2,325 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
$89.3K $38.40/SF
− Vacancy
−$4.9K −$2.11/SF
EGI
$84.4K $36.29/SF
− OpEx
−$25.3K −$10.89/SF
NOI
$59.1K $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%
$1,181,180
Cap Rate 7%
$843,700
Cap Rate 9%
$656,211
Alternative Uses
Best Use
Multifamily LT 5
$843.7K
$738.2K – $984.3K
NOI $59,059 @ 7.0% cap · market cap 6.95%
Second Best
Apartment 5plus
$764.0K
$668.5K – $891.4K
NOI $53,483 @ 7.0% cap · market cap 6.29%
Theoretical Best
Warehouse
$1.61M
$1.41M – $1.88M
NOI $112,774 @ 7.0% cap · market cap 13.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
841
Businesses Nearby
Explore this area
Business Placement
Demographics for 10473, NY
62,692
Population
23,234
Households
2.7
Avg Household Size
38
Median Age
24%
College-Educated
75%
High-School Grad
2.1 sq mi
ZIP Area
29,853
Density / Sq Mi
$50,609
Median Household Income
$40,049
Median Earnings
$1,131
Median Rent
$586,800
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 - Bi-level owner residence includes three bedrooms, while a separate upper-level apartment provides additional occupancy.
Where is this duplex located?
The property is located at 2226 Norton Avenue Bronx, NY.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Legal duplex with 2,325 square feet, built in 2000; Bi‑level owner's unit with 3 bedrooms; Separate second‑floor tenant apartment
