Bronx Multifamily Building Investment
For Sale
$3,500,000
309 Bedford Park Blvd The, Bronx, NY 10458
Well-maintained, renovated 4-story multifamily building in Bedford Park/Norwood section.
Property Size7,400 SF
Price / SF$472.97
Days on Market108
Property Features for 309 Bedford Park Blvd The
General Information
Standard status
Active
Size
7,400 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$21,308
Building Details
Building Size
7,400 SF
Year Built
1910
Units
5
Listing Agency:
Houlihan Lawrence Inc.
Listed By:
Renato Nikolla
(347) 515-5726
Source:
Elliman
Added: May 21
Changed: Aug 25
Last Checked: Sep 4 at 3:55PM
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 Houlihan Lawrence Inc.
Investment Insights
Based on property information with market context.
Located in the Bedford Park/Norwood section of The Bronx, this well-maintained 4-story stone and brick multifamily building offers an investment opportunity. The property spans approximately 7,400 square feet and includes 5 oversized residential units. There are four expansive 5-bedroom, 2-bathroom apartments and one ground-floor 2-bedroom, 2-bathroom unit. The building underwent a full gut renovation approximately 8 years ago, including new drywall, upgraded electrical systems and fixtures, renovated kitchens and bathrooms, upgraded windows, a new roof, new furnaces and hot water heaters, updated heating elements, and new gas piping. Ownership has continued to maintain and improve the building since the renovation. All utilities are fully separated, with each unit featuring its own individual gas furnace and separate hot water heater, totaling 5 independent heating systems throughout the property. Additional capital improvements include newly installed concrete and drainage piping completed just 2 years ago. Ownership recently installed a new sidewalk curb valve for emergency water shutoff access, professionally de-clogged the main water line, and installed new shutoff valves in the utility room. The 1st, 2nd, and 3rd floor units are currently occupied by a daycare operation. The property is located within an R7A zoning district, allowing for approximately 2,676 square feet of additional buildable area. The location is near transportation, shopping, schools, parks, and major thoroughfares. The bike score is 71 (Very Bikeable), the walk score is 81 (Very Walkable) and the transit score is 100 (Rider's Paradise).
Key Highlights
- Full gut renovation completed approximately 8 years ago, including new electrical, plumbing, kitchens, bathrooms, windows, roof, furnaces, and hot water heaters.
- Five oversized residential units: four 5‑bedroom/2‑bathroom apartments and one 2‑bedroom/2‑bathroom unit, offering strong rental demand.
- Prime Bronx location in the desirable Bedford Park/Norwood section, near transportation, shopping, schools, parks, and major thoroughfares.
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
$170,227
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
4.86%
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%
$3,404,540
$3.4M
Cap Rate 7%
$2,431,814
$2.4M
Cap Rate 9%
$1,891,411
$1.9M
Market Conditions
NOI Build-Up for 7,400 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
$328.6K $44.40/SF
− Vacancy
−$19.1K −$2.58/SF
EGI
$309.5K $41.82/SF
− OpEx
−$139.3K −$18.82/SF
NOI
$170.2K $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%
$3,404,540
Cap Rate 7%
$2,431,814
Cap Rate 9%
$1,891,411
Alternative Uses
Best Use
Apartment 5plus
$2.43M
$2.13M – $2.84M
NOI $170,227 @ 7.0% cap · market cap 4.86%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$5.13M
$4.49M – $5.98M
NOI $358,938 @ 7.0% cap · market cap 10.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,485
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Well-maintained, renovated 4-story multifamily building in Bedford Park/Norwood section.
Where is this apartment building located?
The property is located at 309 Bedford Park Blvd The Bronx, NY.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: Full gut renovation completed approximately 8 years ago, including new electrical, plumbing, kitchens, bathrooms, windows, roof, furnaces, and hot water heaters.; Five oversized residential units: **four 5‑bedroom/2‑bathroom apartments and one 2‑bedroom/2‑bathroom unit**, offering strong rental demand.; Prime Bronx location in the desirable Bedford Park/Norwood section, near transportation, shopping, schools, parks, and major thoroughfares.
