Modern Six-Story Elevator Apartment
For Sale
Contact for pricing
3961 CARPENTER AVE, Bronx, NY 10466
Built in 2012, this six-story elevator building offers 57 units and meaningful current gross rental income.
Property Size40,660 SF
Price / SF$252.34
Days on Market53
Property Features for 3961 CARPENTER AVE
General Information
Standard status
Active
Size
40,660 SF
Property subtype
Multifamily
Zoning
R7-1
Net Operating Income
$1,150,084
Additional Details
Multifamily Units
57
Building Details
Year Built
2012
Stories
6
Units
59
Tenancy
Multi
Listing Agency:
Link NY Realty
(646) 321-9428
Listed By:
Valon Nikci · License #NY 10491202180
Source:
Crexi
Added: Jun 22
Changed: Aug 8
Last Checked: Aug 12 at 2:14PM
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 Link NY Realty
Investment Insights
Based on property information with market context.
Constructed in 2012, this six-story elevator apartment building contains 57 residential units and over 40,000 square feet of rentable space. The property is presented with modern construction and contemporary building systems, with an emphasis on efficient layouts and tenant comfort. An institutional-quality configuration and elevator service support day-to-day livability across the building.
Located on Carpenter Avenue in the Wakefield section of the Bronx, the property is described as being near public transportation and major highways. Surrounding amenities include shopping, dining, schools, and everyday conveniences, which contributes to convenient resident access and an established tenant base.
For buyers seeking a modern multifamily asset with scale, this property’s current operating profile includes approximately $95,840 in monthly gross rental income, or more than $1.15 million annually. The combination of elevator service, a contemporary build date, and a substantial unit count can be attractive to investors looking to add an income-producing building to an existing portfolio or acquire a well-positioned long-term hold.
Located on Carpenter Avenue in the Wakefield section of the Bronx, the property is described as being near public transportation and major highways. Surrounding amenities include shopping, dining, schools, and everyday conveniences, which contributes to convenient resident access and an established tenant base.
For buyers seeking a modern multifamily asset with scale, this property’s current operating profile includes approximately $95,840 in monthly gross rental income, or more than $1.15 million annually. The combination of elevator service, a contemporary build date, and a substantial unit count can be attractive to investors looking to add an income-producing building to an existing portfolio or acquire a well-positioned long-term hold.
Key Highlights
- Built in 2012, six‑story elevator multifamily building with 57 residential units
- Over 40,000 sq ft of rentable space
- Generates approximately $95,840 in monthly gross rental income (over $1.15 million annually)
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
$935,328
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
9.12%
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%
$18,706,560
$18.7M
Cap Rate 7%
$13,361,829
$13.4M
Cap Rate 9%
$10,392,533
$10.4M
Market Conditions
NOI Build-Up for 40,660 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
$1.81M $44.40/SF
− Vacancy
−$104.7K −$2.58/SF
EGI
$1.70M $41.82/SF
− OpEx
−$765.3K −$18.82/SF
NOI
$935.3K $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%
$18,706,560
Cap Rate 7%
$13,361,829
Cap Rate 9%
$10,392,533
Alternative Uses
Best Use
Apartment 5plus
$13.36M
$11.69M – $15.59M
NOI $935,328 @ 7.0% cap · market cap 9.12%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$28.17M
$24.65M – $32.87M
NOI $1,972,217 @ 7.0% cap · market cap 19.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
57
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,581
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?
Apartment building - Built in 2012, this six-story elevator building offers 57 units and meaningful current gross rental income.
Where is this apartment building located?
The property is located at 3961 CARPENTER AVE Bronx, NY.
What is the asking price?
The asking price for this property is $10,260,000.
What are key features of this property?
This property features: Built in 2012, six‑story elevator multifamily building with 57 residential units; Over 40,000 sq ft of rentable space; Generates approximately $95,840 in monthly gross rental income (over $1.15 million annually)
