Three-Bedroom Residential Income
For Sale
$495,000
247 MOUNT HOPE Place 3, Bronx, NY 10457
Residence features an open living area, upgraded kitchen, two bathrooms, and in-unit laundry within a privacy-oriented layout.
Property Size1,109 SF
Price / SF$446.35
Days on Market18
Property Features for 247 MOUNT HOPE Place 3
General Information
Standard status
Active
Size
1,109 SF
Property subtype
Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Amenities
in-unit washer/dryer
split-system heating + cooling
Juliet balcony
breakfast bar
hardwood floors
recessed lighting
quartz countertops
stainless steel appliances
glass-tile backsplash
walk-in closet
soaking tub
glass-enclosed rain shower
Building Details
Building Size
1,109 SF
Year Built
1899
Listing Agency:
Corcoran Group
Listed By:
Lucy Jia Bei Wu
(917) 678-1348
Source:
Miradorrealestate
Added: Aug 19
Changed: Sep 3
Last Checked: Sep 4 at 11:00AM
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 Corcoran Group
Investment Insights
Based on property information with market context.
Residence #3 at 247 Mount Hope Place is a 1,109-square-foot residential income property built in 1899. The home includes three bedrooms and two bathrooms, with living and dining areas arranged around an open central space. Hardwood flooring, recessed lighting, oversized windows, and a king-sized primary bedroom with walk-in closet and Juliet balcony are among the interior features.
The kitchen is equipped with quartz countertops, a glass-tile backsplash, two-tone cabinetry, stainless-steel appliances, and a peninsula with breakfast bar seating. Additional features include an in-unit washer/dryer, split-system heating and cooling, and storage throughout. The property is on a quiet block in Mount Hope, near local parks, neighborhood cafés, and subway service on the B/D lines.
The kitchen is equipped with quartz countertops, a glass-tile backsplash, two-tone cabinetry, stainless-steel appliances, and a peninsula with breakfast bar seating. Additional features include an in-unit washer/dryer, split-system heating and cooling, and storage throughout. The property is on a quiet block in Mount Hope, near local parks, neighborhood cafés, and subway service on the B/D lines.
Key Highlights
- 1,109‑square‑foot Residence #3 at 247 Mount Hope Place
- Three bedrooms, including a primary suite with walk‑in closet and Juliet balcony
- Two bathrooms with soaking tub and glass‑enclosed rain shower
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
$25,511
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
5.15%
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%
$510,220
$510.2K
Cap Rate 7%
$364,443
$364.4K
Cap Rate 9%
$283,456
$283.5K
Market Conditions
NOI Build-Up for 1,109 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
$49.2K $44.40/SF
− Vacancy
−$2.9K −$2.58/SF
EGI
$46.4K $41.82/SF
− OpEx
−$20.9K −$18.82/SF
NOI
$25.5K $23.00/SF
Area
Bronx, NY
Vacancy
5.80%
Lease Rate
$44.40 /SF/Yr
Expense Ratio
45.00%
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%
$510,220
Cap Rate 7%
$364,443
Cap Rate 9%
$283,456
Alternative Uses
Best Use
Apartment 5plus
$364.4K
$318.9K – $425.2K
NOI $25,511 @ 7.0% cap · market cap 5.15%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$768.5K
$672.4K – $896.5K
NOI $53,792 @ 7.0% cap · market cap 10.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
5,987
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Residence features an open living area, upgraded kitchen, two bathrooms, and in-unit laundry within a privacy-oriented layout.
Where is this residential income property located?
The property is located at 247 MOUNT HOPE Place 3 Bronx, NY.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: 1,109‑square‑foot Residence #3 at 247 Mount Hope Place; Three bedrooms, including a primary suite with walk‑in closet and Juliet balcony; Two bathrooms with soaking tub and glass‑enclosed rain shower
