Three-Unit Multifamily
For Sale
$985,000
4451 Barnes Ave The, Bronx, NY 10466
Triplex with two 3-bedroom units over a 2-bedroom unit, delivered vacant with one-car garage.
Property Size3,336 SF
Days on Market34
Property Features for 4451 Barnes Ave The
General Information
Standard status
Active
Size
3,336 SF
Total Parking Spaces
1
Property subtype
Investment
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$7,288
Building Details
Building Size
3,336 SF
Year Built
1940
Units
3
Tenancy
Multi
Listing Agency:
Century 21 Future Homes Realty
(646) 549-2441
Listed By:
Trisia Carter
(646) 549-2441
Source:
Elliman
Added: Jul 20
Changed: Aug 17
Last Checked: Aug 22 at 7:48AM
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 Century 21 Future Homes Realty
Investment Insights
Based on property information with market context.
This three-unit multifamily property is configured as two 3-bedroom apartments over a 2-bedroom apartment. Each unit features a generously sized living room, spacious bedrooms, and ample cabinet and closet space throughout. The property will be delivered vacant, providing flexibility for immediate occupancy or rental use.
Conveniently located close to shopping, dining, schools, parks, and public transportation. With a walk score of 77 (very walkable) and a transit score of 54 (good transit), the area offers practical access to daily needs.
A one-car garage is included with the property, supporting tenant parking needs.
Conveniently located close to shopping, dining, schools, parks, and public transportation. With a walk score of 77 (very walkable) and a transit score of 54 (good transit), the area offers practical access to daily needs.
A one-car garage is included with the property, supporting tenant parking needs.
Key Highlights
- Triplex built in 1940 with two 3‑bedroom apartments over one 2‑bedroom apartment.
- Property will be delivered vacant, ready for immediate occupancy or rental income.
- Each unit features a generously sized living room and spacious bedrooms.
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
$84,740
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
8.60%
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%
$1,694,800
$1.7M
Cap Rate 7%
$1,210,571
$1.2M
Cap Rate 9%
$941,556
$941.6K
Market Conditions
NOI Build-Up for 3,336 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
$128.1K $38.40/SF
− Vacancy
−$7.0K −$2.11/SF
EGI
$121.1K $36.29/SF
− OpEx
−$36.3K −$10.89/SF
NOI
$84.7K $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%
$1,694,800
Cap Rate 7%
$1,210,571
Cap Rate 9%
$941,556
Alternative Uses
Best Use
Multifamily LT 5
$1.21M
$1.06M – $1.41M
NOI $84,740 @ 7.0% cap · market cap 8.60%
Second Best
Apartment 5plus
$1.10M
$959.3K – $1.28M
NOI $76,740 @ 7.0% cap · market cap 7.79%
Theoretical Best
Warehouse
$2.31M
$2.02M – $2.70M
NOI $161,813 @ 7.0% cap · market cap 16.43%
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
2,882
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?
Triplex - Triplex with two 3-bedroom units over a 2-bedroom unit, delivered vacant with one-car garage.
Where is this triplex located?
The property is located at 4451 Barnes Ave The Bronx, NY.
What is the asking price?
The asking price for this property is $985,000.
What are key features of this property?
This property features: Triplex built in 1940 with two 3‑bedroom apartments over one 2‑bedroom apartment.; Property will be delivered vacant, ready for immediate occupancy or rental income.; Each unit features a generously sized living room and spacious bedrooms.
