Renovated Three-Unit
For Sale
$1,599,000
514 E 188th St The, Bronx, NY 10458
Completely renovated three-family home with separate heating and cooling split units, private laundry in each unit, and individual hot water heaters.
Property Size3,096 SF
Days on Market94
Property Features for 514 E 188th St The
General Information
Standard status
Active
Size
3,096 SF
Property subtype
Investment
Additional Details
Highway Access
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$5,713
Amenities
split unit HVAC
private balcony
backyard
laundry room
Building Details
Building Size
3,096 SF
Year Built
1901
Units
3
Tenancy
Multi
Listing Agency:
RE/MAX Distinguished Homes & Properties
Listed By:
Hermi Aquino · License #30AQ1103641
(646) 685-6269
Source:
Elliman
Added: Jul 22
Changed: Oct 12
Last Checked: Oct 23 at 8:03AM
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 RE/MAX Distinguished Homes & Properties
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Investment Insights
Based on property information with market context.
This fully renovated three-family property offers three separate apartments within one building. The home has been upgraded from top to bottom, including newly renovated kitchens and bathrooms, new electrical, and new flooring throughout. Each unit has its own dedicated heating and cooling via split units, with a private laundry room including a washer and dryer setup, and each apartment also has its own hot water heater. Apartment layouts include a first-floor unit with three bedrooms and two baths, plus private balcony access to a spacious backyard, and two additional units with four bedrooms and two full baths each.
The building is located at 514 E 188th St in The Bronx, in the Belmont section. It is described as being a few steps from Fordham University, the Botanical Gardens, The Bronx Zoo, and the Fordham Rd Metro North Station, with nearby subway lines #4, #D, and #2. The remarks also note proximity to major highways and the Fordham Rd shopping hub.
From a practical standpoint, the property’s unit-by-unit mechanical separation and in-unit laundry amenities support efficient day-to-day operations across the three apartments.
The building is located at 514 E 188th St in The Bronx, in the Belmont section. It is described as being a few steps from Fordham University, the Botanical Gardens, The Bronx Zoo, and the Fordham Rd Metro North Station, with nearby subway lines #4, #D, and #2. The remarks also note proximity to major highways and the Fordham Rd shopping hub.
From a practical standpoint, the property’s unit-by-unit mechanical separation and in-unit laundry amenities support efficient day-to-day operations across the three apartments.
Key Highlights
- Completely renovated 3‑family home built in 1901 with separate systems for each unit
- New separate heating and cooling split units installed in each room throughout the house
- Each unit includes a private laundry room with washer & dryer setup
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$78,643
Cap Rate
4.92%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,572,860
$1.6M
Cap Rate 7%
$1,123,471
$1.1M
Cap Rate 9%
$873,811
$873.8K
Market Conditions
NOI Build-Up for 3,096 SF
Gross rent
$118.9K $38.40/SF
− Vacancy
−$6.5K −$2.11/SF
EGI
$112.3K $36.29/SF
− OpEx
−$33.7K −$10.89/SF
NOI
$78.6K $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%
$1,572,860
Cap Rate 7%
$1,123,471
Cap Rate 9%
$873,811
Alternative Uses
Best Use
Multifamily LT 5
$1.12M
$983.0K – $1.31M
NOI $78,643 @ 7.0% cap · market cap 4.92%
Second Best
Apartment 5plus
$1.02M
$890.2K – $1.19M
NOI $71,219 @ 7.0% cap · market cap 4.45%
Theoretical Best
Warehouse
$2.15M
$1.88M – $2.50M
NOI $150,172 @ 7.0% cap · market cap 9.39%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
5,552
Businesses Nearby
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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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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - Completely renovated three-family home with separate heating and cooling split units, private laundry in each unit, and individual hot water heaters.
Where is this triplex located?
The property is located at 514 E 188th St The Bronx, NY.
What is the asking price?
The asking price for this property is $1,599,000.
What are key features of this property?
This property features: Completely renovated 3‑family home built in 1901 with separate systems for each unit; New separate heating and cooling split units installed in each room throughout the house; Each unit includes a private laundry room with washer & dryer setup
