Detached Two-Family
For Sale
$839,000
Pending
2828 Coddington Ave The, Bronx, NY 10461
Legal two-unit residence with renovated interiors and updated mechanicals, offering flexible living and rental arrangements.
Property Size1,903 SF
Days on Market97
Property Features for 2828 Coddington Ave The
General Information
Standard status
Pending
Size
1,903 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$6,160
Building Details
Building Size
1,903 SF
Year Built
1920
Units
2
Listing Agency:
Han Tang Realty Inc.
Listed By:
Alex S. Huang
(347) 989-5882
Source:
Elliman
Added: Jun 17
Changed: Sep 8
Last Checked: Sep 21 at 7:43AM
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 Han Tang Realty Inc.
Investment Insights
Based on property information with market context.
This is a legal 2-family detached home offered in well maintained condition. The property features two separate apartments, each laid out as a 3-bedroom, 1-bathroom unit. Both units have been tastefully renovated, including updated kitchens with custom cabinetry. On the systems side, the home includes updated boiler and hot water heater equipment. Additional space is provided by a full unfinished basement, which may be used for storage and recreation or adapted for future customization.
There is no private driveway. Parking is available on the street, and the area is described as parking-friendly. The home is also positioned for transit convenience, with the Middletown Road subway station on the 6 train about a 10-minute walk away, providing access to Manhattan and surrounding boroughs. The property is further described as close to shopping, restaurants, schools, parks, and major highways.
The layout supports multiple living scenarios, including rental income, a multi-generational arrangement, or owner-occupancy with a second unit. With both apartments renovated and mechanicals updated, the property is designed for straightforward occupancy while the unfinished basement offers extra space for an owner’s needs.
There is no private driveway. Parking is available on the street, and the area is described as parking-friendly. The home is also positioned for transit convenience, with the Middletown Road subway station on the 6 train about a 10-minute walk away, providing access to Manhattan and surrounding boroughs. The property is further described as close to shopping, restaurants, schools, parks, and major highways.
The layout supports multiple living scenarios, including rental income, a multi-generational arrangement, or owner-occupancy with a second unit. With both apartments renovated and mechanicals updated, the property is designed for straightforward occupancy while the unfinished basement offers extra space for an owner’s needs.
Key Highlights
- Legal 2‑family detached home built in 1920 in the Pelham Bay area of the Bronx
- Two 3‑bedroom/1‑bath apartments with renovated interiors and updated kitchen custom cabinetry
- Updated boiler and hot water heater systems for improved building mechanicals
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
$48,339
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
5.76%
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%
$966,780
$966.8K
Cap Rate 7%
$690,557
$690.6K
Cap Rate 9%
$537,100
$537.1K
Market Conditions
NOI Build-Up for 1,903 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
$73.1K $38.40/SF
− Vacancy
−$4.0K −$2.11/SF
EGI
$69.1K $36.29/SF
− OpEx
−$20.7K −$10.89/SF
NOI
$48.3K $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%
$966,780
Cap Rate 7%
$690,557
Cap Rate 9%
$537,100
Alternative Uses
Best Use
Multifamily LT 5
$690.6K
$604.2K – $805.7K
NOI $48,339 @ 7.0% cap · market cap 5.76%
Second Best
Apartment 5plus
$625.4K
$547.2K – $729.6K
NOI $43,776 @ 7.0% cap · market cap 5.22%
Theoretical Best
Warehouse
$1.32M
$1.15M – $1.54M
NOI $92,305 @ 7.0% cap · market cap 11.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,214
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
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Legal two-unit residence with renovated interiors and updated mechanicals, offering flexible living and rental arrangements.
Where is this duplex located?
The property is located at 2828 Coddington Ave The Bronx, NY.
What is the asking price?
The asking price for this property is $839,000.
What are key features of this property?
This property features: Legal 2‑family detached home built in 1920 in the Pelham Bay area of the Bronx; Two 3‑bedroom/1‑bath apartments with renovated interiors and updated kitchen custom cabinetry; Updated boiler and hot water heater systems for improved building mechanicals
