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 Market217
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:
Beacon Homes Intl., Inc
Listed By:
Silvio Guerrero
(347) 281-3307
Source:
Elliman
Added: Mar 11
Changed: Sep 28
Last Checked: Oct 12 at 6:54PM
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 Beacon Homes Intl., Inc
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 / Yr
$38,102
Cap Rate
4.79%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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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.
