Semi-Detached Legal 3-Family
For Sale
$1,499,000
Pending
3227 Philip Ave The, Bronx, NY 10465
Legal 3-family home with a finished basement, private backyard, and separate utilities supporting dedicated service to each space.
Property Size3,402 SF
Days on Market65
Property Features for 3227 Philip Ave The
General Information
Standard status
Pending
Size
3,402 SF
Total Parking Spaces
2
Property subtype
Investment
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$10,446
Amenities
private backyard
water views
Building Details
Building Size
3,402 SF
Year Built
2003
Units
4
Tenancy
Multi
Listing Agency:
Han Tang Realty Inc.
Listed By:
Alex S. Huang
(347) 989-5882
Source:
Elliman
Added: Jul 4
Changed: Sep 3
Last Checked: Sep 5 at 10:45AM
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 Han Tang Realty Inc.
Investment Insights
Based on property information with market context.
This semi-detached legal 3-family home was built in 2003 and features three apartments plus a fully finished basement with both front and rear entrances. The top two units each offer 3 bedrooms and 2 full bathrooms, including a private primary suite, while the first-floor apartment includes 3 bedrooms and 1 full bathroom. The basement provides additional flexible space for recreation, storage, or owner use. The property is equipped with 4 separate electric meters, 4 gas meters, 4 boilers, and 4 hot water heaters, allowing each unit and basement owner space to have dedicated utilities. Outside, there is a private backyard and 2-car parking.
The home offers views of Eastchester Bay and is located in a waterfront part of the Bronx. Transit access is rated as excellent (transitScore 72), while walking is more limited (walkScore 41) and biking is moderate (bikeScore 44), indicating reliance on vehicles for most daily errands.
The home offers views of Eastchester Bay and is located in a waterfront part of the Bronx. Transit access is rated as excellent (transitScore 72), while walking is more limited (walkScore 41) and biking is moderate (bikeScore 44), indicating reliance on vehicles for most daily errands.
Key Highlights
- Legal 3‑family semi‑detached home built in 2003 with 23.5 ft x 49 ft floor dimensions
- Top two units feature 3 bedrooms and 2 full bathrooms, each with a private primary suite
- First‑floor unit offers 3 bedrooms and 1 full bathroom
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
$78,258
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
5.22%
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%
$1,565,160
$1.6M
Cap Rate 7%
$1,117,971
$1.1M
Cap Rate 9%
$869,533
$869.5K
Market Conditions
NOI Build-Up for 3,402 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
$151.0K $44.40/SF
− Vacancy
−$8.8K −$2.58/SF
EGI
$142.3K $41.82/SF
− OpEx
−$64.0K −$18.82/SF
NOI
$78.3K $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%
$1,565,160
Cap Rate 7%
$1,117,971
Cap Rate 9%
$869,533
Alternative Uses
Best Use
Apartment 5plus
$1.12M
$978.2K – $1.30M
NOI $78,258 @ 7.0% cap · market cap 5.22%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$2.36M
$2.06M – $2.75M
NOI $165,014 @ 7.0% cap · market cap 11.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,147
Businesses Nearby
Explore this area
Business Placement
Demographics for 10465, NY
45,799
Population
17,200
Households
2.7
Avg Household Size
40
Median Age
29%
College-Educated
86%
High-School Grad
3.9 sq mi
ZIP Area
11,743
Density / Sq Mi
$90,255
Median Household Income
$52,787
Median Earnings
$1,774
Median Rent
$602,000
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?
Multifamily property - Legal 3-family home with a finished basement, private backyard, and separate utilities supporting dedicated service to each space.
Where is this multifamily property located?
The property is located at 3227 Philip Ave The Bronx, NY.
What is the asking price?
The asking price for this property is $1,499,000.
What are key features of this property?
This property features: Legal 3‑family semi‑detached home built in 2003 with 23.5 ft x 49 ft floor dimensions; Top two units feature 3 bedrooms and 2 full bathrooms, each with a private primary suite; First‑floor unit offers 3 bedrooms and 1 full bathroom
