City Island Triplex Investment
For Sale
$795,000
Pending
32 Tier St The, Bronx, NY 10464
Three units near the water with private beach access.
Property Size1,500 SF
Lot Size0.06 Acres
Days on Market171
Property Features for 32 Tier St The
General Information
Standard status
Pending
Size
1,500 SF
Lot size
0.06 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$5,453
Building Details
Building Size
1,500 SF
Year Built
1940
Units
3
Listing Agency:
R New York
(347) 281-3307
Listed By:
Silvio Guerrero · License #10401234338
(347) 281-3307
Source:
Elliman
Added: Mar 11
Changed: Aug 27
Last Checked: Aug 26 at 9:18AM
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 R New York
Investment Insights
Based on property information with market context.
Located in City Island, this property features three units, offering a high-yield investment opportunity. Situated on Tier Street, the property is steps from the water and a private beach exclusive to Tier Street residents. The property includes a studio, a one-bedroom unit, and a separate cottage in the rear. The two side-by-side units have been renovated and are turnkey ready. The cottage needs some TLC, offering an opportunity for customization. The total livable space is approximately 1500 square feet, divided into three separate units. The lot size is 3200 square feet (32x100). The property is registered as 32-34 Tier Street, as well as 32A, 32B and 32 REAR Tier Street. The property is located in close proximity to all of City Island's conveniences. The property sits at a higher elevation point. City Island offers yacht clubs, private beaches, art galleries, boutique shops, and dining options. Pelham Bay Park, the largest park in New York City, is nearby, offering golf courses, horse stables, and trails. Orchard Beach is undergoing renovation of its Art Deco commercial boardwalk. Plans to add a ferry stop for City Island are in the works.
Key Highlights
- Three separate units on one property, offering flexibility.
- Prime City Island location steps from the water with private beach access.
- Convenient access to Manhattan (22 minutes) while offering a unique coastal living experience.
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
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 - Three units near the water with private beach access.
Where is this triplex located?
The property is located at 32 Tier St The 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: Three separate units on one property, offering flexibility.; Prime City Island location **steps from the water with private beach access**.; Convenient access to Manhattan (22 minutes) while offering a unique coastal living experience.
