Three-Unit Triplex with Renovated
For Sale
$795,000
Pending
32 Tier Street, Bronx, NY 10464
MULTI_FAMILY - Bronx, NY
Property Size1,500 SF
Lot Size0.06 Acres
Days on Market394
Property Features for 32 Tier Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
3
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 2, Bedroom 3, Bathroom 2, Bathroom 3, Bedroom 1, Bathroom 1
Patio and Porch features
Porch, Patio
Interior features
First Floor Bedroom, First Floor Full Bath, Open Floorplan
View
Water
Standard status
Pending
APN
05632-0015
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
5453
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Varies by Unit
Water source
Public
Amenities
private beach access
Building Details
Year built
1940
Number of units
3
Building materials
Vinyl Siding
Listing Agency:
R New York
(212) 688-1000
Listed By:
Sandra Salander · License #10401234338
(212) 810-9231
Added: Jul 19, 2025
Changed: Aug 3
Last Checked: Aug 16 at 1:06AM
MLS# 891338
Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This three-unit triplex includes two side-by-side units and a separate rear cottage. The two side-by-side units consist of a studio and a one-bedroom, and they have been renovated and are described as turnkey ready to use or rent right away. The rear cottage needs some TLC. The recorded square footage does not include the rear cottage; total livable space is approximately 1,500 square feet across three separate units, and the lot size is 3,200 square feet (32x100). The property is sold as is and is delivered vacant, or with one tenant.
The home is located on Tier Street in City Island and is described as steps to the water with water views and private beach access exclusive to Tier Street residents. Heating is forced air and cooling varies by unit. Exterior materials include vinyl siding, and the property has public water and public sewer services. Additional features include a porch and patio.
Built in 1940, the triplex is registered as 32–34 Tier Street, as well as 32A, 32B, and 32 Rear Tier Street.
The home is located on Tier Street in City Island and is described as steps to the water with water views and private beach access exclusive to Tier Street residents. Heating is forced air and cooling varies by unit. Exterior materials include vinyl siding, and the property has public water and public sewer services. Additional features include a porch and patio.
Built in 1940, the triplex is registered as 32–34 Tier Street, as well as 32A, 32B, and 32 Rear Tier Street.
Key Highlights
- Approximately 1,500 square feet of livable space across three units
- 3,200 square foot lot (32x100)
- Two side‑by‑side units renovated: one studio and one one‑bedroom
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
$38,102
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
4.79%
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%
$762,040
$762.0K
Cap Rate 7%
$544,314
$544.3K
Cap Rate 9%
$423,356
$423.4K
Market Conditions
NOI Build-Up for 1,500 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
$57.6K $38.40/SF
− Vacancy
−$3.2K −$2.11/SF
EGI
$54.4K $36.29/SF
− OpEx
−$16.3K −$10.89/SF
NOI
$38.1K $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%
$762,040
Cap Rate 7%
$544,314
Cap Rate 9%
$423,356
Alternative Uses
Best Use
Multifamily LT 5
$544.3K
$476.3K – $635.0K
NOI $38,102 @ 7.0% cap · market cap 4.79%
Second Best
Apartment 5plus
$492.9K
$431.3K – $575.1K
NOI $34,505 @ 7.0% cap · market cap 4.34%
Theoretical Best
Warehouse
$1.04M
$909.5K – $1.21M
NOI $72,758 @ 7.0% cap · market cap 9.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
419
Businesses Nearby
Explore this area
Business Placement
Demographics for 10464, NY
4,592
Population
2,255
Households
2
Avg Household Size
50
Median Age
46%
College-Educated
94%
High-School Grad
3.1 sq mi
ZIP Area
1,481
Density / Sq Mi
$100,306
Median Household Income
$70,148
Median Earnings
$1,993
Median Rent
$667,600
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?
Triplex - Triplex delivers vacant or with one tenant, with two side-by-side units renovated and a rear cottage needing TLC.
Where is this triplex located?
The property is located at 32 Tier Street Bronx, NY.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Approximately 1,500 square feet of livable space across three units; 3,200 square foot lot (32x100); Two side‑by‑side units renovated: one studio and one one‑bedroom
