Triplex Home with Private
For Sale
$925,000
324 Underhill Ave, Bronx, NY 10473
Three-unit residential property with two two-bedroom apartments, a basement studio, and private outdoor space.
Property Size2,090 SF
Days on Market99
Property Features for 324 Underhill Ave
General Information
Standard status
Active
Size
2,090 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 2BR/1BA, 1 x studio
Multifamily Units
3
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$6,109
Amenities
backyard
Building Details
Building Size
2,090 SF
Year Built
1920
Units
2
Listing Agency:
Fuentes Realty LLC
(347) 575-7109
Listed By:
Alejandro Fuentes
(347) 575-7109
Source:
Cohenandcohenrealty
Added: May 8
Changed: Aug 5
Last Checked: Aug 14 at 1:10PM
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 Fuentes Realty LLC
Investment Insights
Based on property information with market context.
Built in 1920, this triplex residential property contains two two-bedroom, one-bathroom apartments along with a basement studio. The lower-level unit has its own private entrance, while the main-level apartment includes access to a sizable backyard suitable for outdoor use and entertaining.
The property is in the Soundview section of the Bronx, with public transportation options nearby, including the Soundview ferry. Shopping, parks, and recreational facilities are described as walkable from the home, and the ferry provides access toward lower Manhattan.
The property is in the Soundview section of the Bronx, with public transportation options nearby, including the Soundview ferry. Shopping, parks, and recreational facilities are described as walkable from the home, and the ferry provides access toward lower Manhattan.
Key Highlights
- Triplex configuration with two 2‑bedroom, 1‑bathroom apartments and a basement studio
- Basement studio includes its own private entrance
- Main‑level apartment offers access to a backyard
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
$53,089
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
5.74%
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%
$1,061,780
$1.1M
Cap Rate 7%
$758,414
$758.4K
Cap Rate 9%
$589,878
$589.9K
Market Conditions
NOI Build-Up for 2,090 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
$80.3K $38.40/SF
− Vacancy
−$4.4K −$2.11/SF
EGI
$75.8K $36.29/SF
− OpEx
−$22.8K −$10.89/SF
NOI
$53.1K $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%
$1,061,780
Cap Rate 7%
$758,414
Cap Rate 9%
$589,878
Alternative Uses
Best Use
Multifamily LT 5
$758.4K
$663.6K – $884.8K
NOI $53,089 @ 7.0% cap · market cap 5.74%
Second Best
Apartment 5plus
$686.8K
$601.0K – $801.3K
NOI $48,078 @ 7.0% cap · market cap 5.20%
Theoretical Best
Warehouse
$1.45M
$1.27M – $1.69M
NOI $101,376 @ 7.0% cap · market cap 10.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
745
Businesses Nearby
Explore this area
Business Placement
Demographics for 10473, NY
62,692
Population
23,234
Households
2.7
Avg Household Size
38
Median Age
24%
College-Educated
75%
High-School Grad
2.1 sq mi
ZIP Area
29,853
Density / Sq Mi
$50,609
Median Household Income
$40,049
Median Earnings
$1,131
Median Rent
$586,800
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-unit residential property with two two-bedroom apartments, a basement studio, and private outdoor space.
Where is this triplex located?
The property is located at 324 Underhill Ave Bronx, NY.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: Triplex configuration with two 2‑bedroom, 1‑bathroom apartments and a basement studio; Basement studio includes its own private entrance; Main‑level apartment offers access to a backyard
