Bronx Multifamily Investment
For Sale
$875,000
Pending
4521 Carpenter Ave The, Bronx, NY 10470
Well-maintained 3-family home with additional studio apartments, delivered vacant.
Property Size2,274 SF
Days on Market89
Property Features for 4521 Carpenter Ave The
General Information
Standard status
Pending
Size
2,274 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$5,181
Building Details
Building Size
2,274 SF
Year Built
1901
Units
3
Listing Agency:
BESMATCH REAL ESTATE
(347) 203-1731
Listed By:
Abel Brea
(347) 203-1731
Source:
Elliman
Added: May 20
Changed: Aug 8
Last Checked: Aug 16 at 6:04AM
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 BESMATCH REAL ESTATE
Investment Insights
Based on property information with market context.
Located in the Wakefield section of the Bronx, this detached 3-family home presents an investment opportunity. The property features two oversized 1-bedroom, 1-bath apartments and a 2-bedroom, 1-bath unit, all characterized by high ceilings. The lower level includes two studio apartments. Exterior amenities include a 1-car garage with an adjoining storage area, and a private driveway that accommodates up to 3 vehicles. The roof is 3 years old. The property will be delivered fully vacant. Transportation options include proximity to the Metro-North Railroad, the 2 and 5 subway lines, multiple express and local bus routes, and access to I-95, the Bronx River Parkway, Major Deegan Expressway, and the Hutchinson River Parkway. The location offers convenient access to shopping, schools, parks, and local amenities. The property is somewhat bikeable, very walkable and has good transit.
Key Highlights
- Delivered fully vacant, ideal for end‑users or investors.
- Excellent income potential as a 3‑family home with two 1‑bedroom, 1‑bath apartments and one 2‑bedroom, 1‑bath unit, plus two studio apartments.
- Convenient location near Metro‑North Railroad, 2 and 5 subway lines, multiple bus routes, and major highways (I‑95, Bronx River Parkway, Major Deegan Expressway, Hutchinson River Parkway).
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
$52,310
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
5.98%
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%
$1,046,200
$1.0M
Cap Rate 7%
$747,286
$747.3K
Cap Rate 9%
$581,222
$581.2K
Market Conditions
NOI Build-Up for 2,274 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
$101.0K $44.40/SF
− Vacancy
−$5.9K −$2.58/SF
EGI
$95.1K $41.82/SF
− OpEx
−$42.8K −$18.82/SF
NOI
$52.3K $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%
$1,046,200
Cap Rate 7%
$747,286
Cap Rate 9%
$581,222
Alternative Uses
Best Use
Apartment 5plus
$747.3K
$653.9K – $871.8K
NOI $52,310 @ 7.0% cap · market cap 5.98%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$1.58M
$1.38M – $1.84M
NOI $110,301 @ 7.0% cap · market cap 12.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,264
Businesses Nearby
Explore this area
Business Placement
Demographics for 10470, NY
16,686
Population
6,869
Households
2.4
Avg Household Size
38
Median Age
41%
College-Educated
86%
High-School Grad
1.4 sq mi
ZIP Area
11,919
Density / Sq Mi
$81,134
Median Household Income
$54,227
Median Earnings
$1,656
Median Rent
$500,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Well-maintained 3-family home with additional studio apartments, delivered vacant.
Where is this apartment building located?
The property is located at 4521 Carpenter Ave The Bronx, NY.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: Delivered fully vacant, ideal for end‑users or investors.; Excellent income potential as a 3‑family home with two 1‑bedroom, 1‑bath apartments and one 2‑bedroom, 1‑bath unit, plus two studio apartments.; Convenient location near Metro‑North Railroad, 2 and 5 subway lines, multiple bus routes, and major highways (I‑95, Bronx River Parkway, Major Deegan Expressway, Hutchinson River Parkway).
