Six-Story Elevator Apartment
For Sale
$10,260,000
3961 Carpenter Ave The, Bronx, NY 10466
Modern six-story elevator building with 57 units, built in 2012, positioned in the Wakefield section of the Bronx.
Property Size40,660 SF
Price / SF$256.50
Days on Market52
Property Features for 3961 Carpenter Ave The
General Information
Standard status
Active
Size
40,660 SF
Property subtype
Commercial
Additional Details
Cap Rate
11%
Multifamily Units
57
Taxes and HOA fees
Annual Taxes
$21,002
Building Details
Building Size
40,660 SF
Year Built
2012
Stories
6
Units
57
Listing Agency:
Link NY Realty
(646) 321-9428
Listed By:
Valon Nikci · License #10491202180
(646) 321-9428
Source:
Elliman
Added: Jun 23
Changed: Aug 8
Last Checked: Jun 24 at 1:57AM
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.
3961 Carpenter Ave is a six-story elevator apartment building constructed in 2012, offering 57 residential units within over 40,000 square feet of rentable space. The property is described as having modern construction and contemporary building systems, with efficient layouts intended to support tenant satisfaction and help manage long-term capital requirements. The building’s elevator service and institutional-quality presence are key improvements supporting a multifamily operation.
Located in the Wakefield section of the Bronx, the property is positioned for strong everyday accessibility. Public transportation and good transit access are noted, and the surrounding area includes connections to major highways as well as shopping, dining, schools, and other conveniences. Reported walkability is very walkable, with bikeability characterized as somewhat bikeable.
This is an income-producing multifamily asset offered for sale, with the current gross rental income stated at approximately $95,840 per month (more than $1.15 million annually). The remarks also cite a cap rate of over 11%, and the property is presented as having a track record of generating gross income with the benefit of modern building characteristics. For buyers seeking a newer, elevator-served multifamily building with established revenue generation, 3961 Carpenter Ave is positioned as a fit within a high-demand Bronx rental market.
Located in the Wakefield section of the Bronx, the property is positioned for strong everyday accessibility. Public transportation and good transit access are noted, and the surrounding area includes connections to major highways as well as shopping, dining, schools, and other conveniences. Reported walkability is very walkable, with bikeability characterized as somewhat bikeable.
This is an income-producing multifamily asset offered for sale, with the current gross rental income stated at approximately $95,840 per month (more than $1.15 million annually). The remarks also cite a cap rate of over 11%, and the property is presented as having a track record of generating gross income with the benefit of modern building characteristics. For buyers seeking a newer, elevator-served multifamily building with established revenue generation, 3961 Carpenter Ave is positioned as a fit within a high-demand Bronx rental market.
Key Highlights
- Built in 2012, six‑story elevator multifamily building with 57 residential units
- Over 40,000 rentable SF
- Generates approximately $95,840 in monthly gross rental income (over $1.15M 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
$920,146
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
8.97%
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%
$18,402,920
$18.4M
Cap Rate 7%
$13,144,943
$13.1M
Cap Rate 9%
$10,223,844
$10.2M
Market Conditions
NOI Build-Up for 40,000 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
$1.78M $44.40/SF
− Vacancy
−$103.0K −$2.58/SF
EGI
$1.67M $41.82/SF
− OpEx
−$752.8K −$18.82/SF
NOI
$920.1K $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%
$18,402,920
Cap Rate 7%
$13,144,943
Cap Rate 9%
$10,223,844
Alternative Uses
Best Use
Apartment 5plus
$13.14M
$11.50M – $15.34M
NOI $920,146 @ 7.0% cap · market cap 8.97%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$27.72M
$24.25M – $32.34M
NOI $1,940,203 @ 7.0% cap · market cap 18.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
57
Residential units
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 - Modern six-story elevator building with 57 units, built in 2012, positioned in the Wakefield section of the Bronx.
Where is this apartment building located?
The property is located at 3961 Carpenter Ave The 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 rentable SF; Generates approximately $95,840 in monthly gross rental income (over $1.15M annually)
