Pelham Gardens Stucco
For Sale
$699,000
Pending
2908 Dewitt Pl The, Bronx, NY 10469
Three-family property in Pelham Gardens with renovation potential.
Property Size2,415 SF
Days on Market110
Property Features for 2908 Dewitt Pl The
General Information
Standard status
Pending
Size
2,415 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$3,427
Building Details
Building Size
2,415 SF
Year Built
1940
Units
3
Listing Agency:
Keller Williams Realty NYC Grp
(607) 669-3361
Listed By:
Steven M. Padernacht · License #10301217114
(607) 669-3361
Source:
Elliman
Added: Apr 24
Changed: Aug 8
Last Checked: Aug 10 at 8:08AM
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 Grp
Investment Insights
Based on property information with market context.
This detached stucco three-family property is located in Pelham Gardens. Each unit features a two-bedroom, one-bathroom layout, which requires verification. The property includes a large side yard and two carports. Significant renovation is needed, and the property is being sold as-is. It is suitable for end users looking to create a multi-family residence or investors seeking a value-add project. The location is considered very bikeable and walkable, with excellent transit options.
Key Highlights
- Detached 3‑family home in prime Pelham Gardens location.
- Strong potential for value appreciation through renovation.
- Each unit features a 2BR/1BA layout (verify).
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
$61,345
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
8.78%
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%
$1,226,900
$1.2M
Cap Rate 7%
$876,357
$876.4K
Cap Rate 9%
$681,611
$681.6K
Market Conditions
NOI Build-Up for 2,415 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
$92.7K $38.40/SF
− Vacancy
−$5.1K −$2.11/SF
EGI
$87.6K $36.29/SF
− OpEx
−$26.3K −$10.89/SF
NOI
$61.3K $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%
$1,226,900
Cap Rate 7%
$876,357
Cap Rate 9%
$681,611
Alternative Uses
Best Use
Multifamily LT 5
$876.4K
$766.8K – $1.02M
NOI $61,345 @ 7.0% cap · market cap 8.78%
Second Best
Apartment 5plus
$793.6K
$694.4K – $925.9K
NOI $55,554 @ 7.0% cap · market cap 7.95%
Theoretical Best
Warehouse
$1.67M
$1.46M – $1.95M
NOI $117,140 @ 7.0% cap · market cap 16.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,052
Businesses Nearby
Explore this area
Business Placement
Demographics for 10469, NY
71,571
Population
25,082
Households
2.9
Avg Household Size
39
Median Age
29%
College-Educated
83%
High-School Grad
2.4 sq mi
ZIP Area
29,821
Density / Sq Mi
$76,018
Median Household Income
$45,857
Median Earnings
$1,653
Median Rent
$640,400
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-family property in Pelham Gardens with renovation potential.
Where is this triplex located?
The property is located at 2908 Dewitt Pl The Bronx, NY.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Detached 3‑family home in prime Pelham Gardens location.; Strong potential for value appreciation through renovation.; Each unit features a 2BR/1BA layout (verify).
