Occupied Three-Family
506 E 188th Street, Bronx, NY 10458
For Sale
$1,468,000
Current residents are students, with leases extending through 2027.
Property Size3,216 SF
Price / SF$456.47
Days on Market56
Property Features for 506 E 188th Street
General Information
Standard status
Size
Property subtype
Occupancy
Additional Details
Public Transit
Multifamily Units
Tenant in Place
Taxes and HOA fees
Annual Taxes
Amenities
High Ceilings
Building Details
Building Size
Year Built
Units
Tenancy
Listing Agency:
EXIT Realty Private Client
(914) 222-1000
Listed By:
Lumnije Kacic
(718) 775-2595
Source:
Clairedleone
Added: Sep 15
Changed: Nov 7
Last Checked: Nov 8 at 1:16PM
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 Private Client
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Investment Insights
Based on property information with market context.
This 3,216-square-foot triplex contains three family units and was built in 1901. The property is fully occupied, with student residents under leases that run through 2027.
The building is near Fordham University and Arthur Avenue, with shopping, dining, and public transportation in the surrounding area.
The building is near Fordham University and Arthur Avenue, with shopping, dining, and public transportation in the surrounding area.
Key Highlights
- Three‑family property with 3,216 square feet
- Fully occupied by student residents
- Leases in place through 2027
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$81,692
Cap Rate
5.56%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,633,840
$1.6M
Cap Rate 7%
$1,167,029
$1.2M
Cap Rate 9%
$907,689
$907.7K
Market Conditions
NOI Build-Up for 3,216 SF
Gross rent
$123.5K $38.40/SF
− Vacancy
−$6.8K −$2.11/SF
EGI
$116.7K $36.29/SF
− OpEx
−$35.0K −$10.89/SF
NOI
$81.7K $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 Rate 5%
$1,633,840
Cap Rate 7%
$1,167,029
Cap Rate 9%
$907,689
Alternative Uses
Best Use
Multifamily LT 5
$1.17M
$1.02M – $1.36M
NOI $81,692 @ 7.0% cap · market cap 5.56%
Second Best
Apartment 5plus
$1.06M
$924.8K – $1.23M
NOI $73,980 @ 7.0% cap · market cap 5.04%
Theoretical Best
Office A
$1.53M
$1.34M – $1.79M
NOI $107,415 @ 7.0% cap · market cap 7.32%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
5,552
Businesses Nearby
Explore this area
Business Placement
Demographics for 10458, NY
81,299
Population
30,592
Households
2.7
Avg Household Size
32
Median Age
16%
College-Educated
68%
High-School Grad
1.2 sq mi
ZIP Area
67,749
Density / Sq Mi
$42,107
Median Household Income
$29,596
Median Earnings
$1,548
Median Rent
$515,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Triplexes in Bronx, NY
Properties on Market for Triplexes in Bronx
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - Current residents are students, with leases extending through 2027.
Where is this triplex located?
The property is located at 506 E 188th Street Bronx, NY.
What is the asking price?
The asking price for this property is $1,468,000.
What are key features of this property?
This property features: Three‑family property with 3,216 square feet; Fully occupied by student residents; Leases in place through 2027
