Updated Fordham Multifamily Investment
For Sale
$999,999
Pending
2696 Marion The, Bronx, NY 10458
Three-unit multifamily property in Fordham neighborhood, delivered vacant.
Property Size3,408 SF
Days on Market274
Property Features for 2696 Marion The
General Information
Standard status
Pending
Size
3,408 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$6,299
Building Details
Building Size
3,408 SF
Year Built
1930
Units
3
Listing Agency:
(718) 684-5228
Listed By:
Cheng Lee
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 24
Last Checked: Aug 28 at 5:58PM
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 Cheng Lee
Investment Insights
Based on property information with market context.
Located in the Fordham neighborhood, this updated multifamily property is situated in the R7B zone. The building contains three apartments, each featuring three bedrooms, along with a finished basement. The property is equipped with three boilers, three hot water tanks, and three electric/gas meters. Exterior features include a front porch and a backyard deck. Transportation options include convenient access to the B and D subway trains at the Kingsbridge Road Station, as well as proximity to the Metro North Botanical Garden and Fordham station for the Harlem, New Canaan, and New Haven lines. The property is located near the New York Botanical Garden, Fordham University, and the Fordham Road shopping corridor. This property offers investment potential and will be delivered vacant.
Key Highlights
- Delivered Vacant: Ideal for immediate occupancy.
- Three 3‑Bedroom Apartments: Offers substantial rental income.
- Excellent Transit Access: Close to B, D subway lines and Metro North.
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
$86,569
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
8.66%
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%
$1,731,380
$1.7M
Cap Rate 7%
$1,236,700
$1.2M
Cap Rate 9%
$961,878
$961.9K
Market Conditions
NOI Build-Up for 3,408 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
$130.9K $38.40/SF
− Vacancy
−$7.2K −$2.11/SF
EGI
$123.7K $36.29/SF
− OpEx
−$37.1K −$10.89/SF
NOI
$86.6K $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%
$1,731,380
Cap Rate 7%
$1,236,700
Cap Rate 9%
$961,878
Alternative Uses
Best Use
Multifamily LT 5
$1.24M
$1.08M – $1.44M
NOI $86,569 @ 7.0% cap · market cap 8.66%
Second Best
Apartment 5plus
$1.12M
$980.0K – $1.31M
NOI $78,396 @ 7.0% cap · market cap 7.84%
Theoretical Best
Warehouse
$2.36M
$2.07M – $2.76M
NOI $165,305 @ 7.0% cap · market cap 16.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
5,456
Businesses Nearby
Explore this area
Business Placement
Demographics for 10458, NY
81,299
Population
30,592
Households
2.7
Avg Household Size
32
Median Age
16%
College-Educated
68%
High-School Grad
1.2 sq mi
ZIP Area
67,749
Density / Sq Mi
$42,107
Median Household Income
$29,596
Median Earnings
$1,548
Median Rent
$515,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three-unit multifamily property in Fordham neighborhood, delivered vacant.
Where is this triplex located?
The property is located at 2696 Marion The Bronx, NY.
What is the asking price?
The asking price for this property is $999,999.
What are key features of this property?
This property features: Delivered Vacant: Ideal for immediate occupancy.; Three 3‑Bedroom Apartments: Offers substantial rental income.; Excellent Transit Access: Close to B, D subway lines and Metro North.
