Detached Duplex with
For Sale
$925,000
3640 Palmer Avenue, Bronx, NY 10466
Vacant two-family property with separately metered floors, private outdoor space, and parking capacity for multiple vehicles.
Property Size2,440 SF
Lot Size0.12 Acres
Price / SF$379.10
Days on Market17
Property Features for 3640 Palmer Avenue
General Information
Standard status
Active
Size
2,440 SF
Lot size
0.12 Acres
Property subtype
Duplex
Zoning
R4
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$7,705
Building Details
Building Size
2,440 SF
Year Built
1938
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
Exit Realty DKC
(929) 349-8965
Listed By:
Imam Hasan
Source:
Shawmetro
Added: Jul 27
Changed: Aug 11
Last Checked: Aug 11 at 1:07PM
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 Exit Realty DKC
Investment Insights
Based on property information with market context.
This fully detached duplex contains two separate residential units totaling 2,440 square feet. The first floor has four bedrooms plus one full and one half bathroom, while the second floor includes three bedrooms with the same bathroom configuration. Each floor is separately metered for utilities, and the property is delivered fully vacant. There is no basement.
The building sits on a 5,017-square-foot lot with room for a private backyard and parking for multiple vehicles. The property carries R4 zoning and was built in 1938. Nearby services include Key Food, C-Town, and Food Bazaar Supermarket along the Laconia Avenue corridor. Montefiore Einstein Hospital’s Wakefield Campus is nearby, while the 2 and 5 subway lines and Bx16 and Bx31 bus routes provide transit connections throughout the Bronx.
The building sits on a 5,017-square-foot lot with room for a private backyard and parking for multiple vehicles. The property carries R4 zoning and was built in 1938. Nearby services include Key Food, C-Town, and Food Bazaar Supermarket along the Laconia Avenue corridor. Montefiore Einstein Hospital’s Wakefield Campus is nearby, while the 2 and 5 subway lines and Bx16 and Bx31 bus routes provide transit connections throughout the Bronx.
Key Highlights
- Two‑family detached duplex with 2,440 square feet
- First‑floor unit has 4 bedrooms and 1 full plus 1 half bathroom
- Second‑floor unit has 3 bedrooms and 1 full plus 1 half 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
$61,980
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
6.70%
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%
$1,239,600
$1.2M
Cap Rate 7%
$885,429
$885.4K
Cap Rate 9%
$688,667
$688.7K
Market Conditions
NOI Build-Up for 2,440 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
$93.7K $38.40/SF
− Vacancy
−$5.2K −$2.11/SF
EGI
$88.5K $36.29/SF
− OpEx
−$26.6K −$10.89/SF
NOI
$62.0K $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%
$1,239,600
Cap Rate 7%
$885,429
Cap Rate 9%
$688,667
Alternative Uses
Best Use
Multifamily LT 5
$885.4K
$774.8K – $1.03M
NOI $61,980 @ 7.0% cap · market cap 6.70%
Second Best
Apartment 5plus
$801.8K
$701.6K – $935.5K
NOI $56,129 @ 7.0% cap · market cap 6.07%
Theoretical Best
Warehouse
$1.69M
$1.48M – $1.97M
NOI $118,352 @ 7.0% cap · market cap 12.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,708
Businesses Nearby
Explore this area
Business Placement
Demographics for 10466, NY
70,420
Population
26,303
Households
2.7
Avg Household Size
38
Median Age
26%
College-Educated
81%
High-School Grad
2.0 sq mi
ZIP Area
35,210
Density / Sq Mi
$66,328
Median Household Income
$44,053
Median Earnings
$1,528
Median Rent
$605,300
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?
Duplex - Vacant two-family property with separately metered floors, private outdoor space, and parking capacity for multiple vehicles.
Where is this duplex located?
The property is located at 3640 Palmer Avenue 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: Two‑family detached duplex with 2,440 square feet; First‑floor unit has 4 bedrooms and 1 full plus 1 half bathroom; Second‑floor unit has 3 bedrooms and 1 full plus 1 half bathroom
