Multifamily Building in Norwood,
For Sale
$1,750,000
3144 Hull Ave The, Bronx, NY 10467
Multifamily building with eight units in a high-demand Bronx neighborhood.
Property Size5,780 SF
Lot Size0.06 Acres
Days on Market164
Property Features for 3144 Hull Ave The
General Information
Standard status
Active
Size
5,780 SF
Lot size
0.06 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$12,596
Building Details
Building Size
5,780 SF
Year Built
2010
Units
8
Listing Agency:
BESMATCH REAL ESTATE
(646) 420-3288
Listed By:
Phaedra Ballin · License #40CA1173900
(646) 420-3288
Source:
Elliman
Added: Mar 12
Changed: Aug 8
Last Checked: Aug 22 at 8:18AM
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 BESMATCH REAL ESTATE
Investment Insights
Based on property information with market context.
Located in Norwood in the Bronx, 3144 Hull Avenue is a multifamily building featuring eight units. The building includes seven one-bedroom apartments and one studio apartment. Each unit is separately metered and has its own boiler. The property is located near public transportation, shops, and local amenities, offering rental income in a high-demand area. This property presents an opportunity for investors looking to expand their portfolio.
Key Highlights
- Eight‑unit multifamily building in Norwood, Bronx, offering immediate rental income.
- Seven one‑bedroom apartments and one studio apartment provide a diverse tenant base.
- Separately metered units (including individual boilers) for efficient management and tenant billing.
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
$125,774
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
7.19%
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%
$2,515,480
$2.5M
Cap Rate 7%
$1,796,771
$1.8M
Cap Rate 9%
$1,397,489
$1.4M
Market Conditions
NOI Build-Up for 5,780 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
$242.8K $42.00/SF
− Vacancy
−$14.1K −$2.44/SF
EGI
$228.7K $39.56/SF
− OpEx
−$102.9K −$17.80/SF
NOI
$125.8K $21.76/SF
Area
ZIP 10467
Vacancy
5.80%
Lease Rate
$42.00 /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%
$2,515,480
Cap Rate 7%
$1,796,771
Cap Rate 9%
$1,397,489
Alternative Uses
Best Use
Apartment 5plus
$1.80M
$1.57M – $2.10M
NOI $125,774 @ 7.0% cap · market cap 7.19%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$4.01M
$3.50M – $4.67M
NOI $280,359 @ 7.0% cap · market cap 16.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,968
Businesses Nearby
Explore this area
Business Placement
Demographics for 10467, NY
103,660
Population
40,582
Households
2.6
Avg Household Size
36
Median Age
22%
College-Educated
75%
High-School Grad
2.3 sq mi
ZIP Area
45,070
Density / Sq Mi
$47,806
Median Household Income
$36,949
Median Earnings
$1,505
Median Rent
$425,500
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 - Multifamily building with eight units in a high-demand Bronx neighborhood.
Where is this apartment building located?
The property is located at 3144 Hull Ave The Bronx, NY.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Eight‑unit multifamily building in Norwood, Bronx, offering immediate rental income.; Seven one‑bedroom apartments and one studio apartment provide a diverse tenant base.; Separately metered units (including individual boilers) for efficient management and tenant billing.
