Three-Unit Triplex with Private
For Sale
$1,367,000
523 E 148th St The, Bronx, NY 10455
Three-unit income property with separate utilities and a walk-out basement leading to a private backyard.
Property Size3,606 SF
Price / SF$379.09
Days on Market70
Property Features for 523 E 148th St The
General Information
Standard status
Active
Size
3,606 SF
Property subtype
Investment
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$6,647
Building Details
Building Size
3,606 SF
Year Built
2005
Units
3
Tenancy
Multi
Listing Agency:
(646) 373-3867
Listed By:
Evelyn Jean-Delere
(646) 373-3867
Source:
Elliman
Added: Jun 3
Changed: Aug 8
Last Checked: Aug 10 at 5:53AM
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 Evelyn Jean-Delere
Investment Insights
Based on property information with market context.
This three-unit triplex provides a flexible mix of spacious layouts, including combinations of two- to three-bedroom units. Two-bedroom configurations feature two bathrooms, while the three-bedroom unit includes an ensuite. The building also offers separate utilities, supporting convenient management and potential cost control for an owner. A full walk-out basement adds additional living or storage space and opens directly to a large private backyard.
The property is positioned for easy city access in Mott Haven, with walkability and transit convenience noted by Walk Score 97 and Transit Score 100. It is described as being near the 2, 5, and 6 subway lines, along with the Bx17 bus, supporting straightforward commuting throughout the Bronx and beyond.
For investors or owner-occupants, the unit mix and separate utilities can support a practical approach to leasing and day-to-day operations. The first and third floor units are currently occupied, with no leases in place as per seller request, and the property can be delivered vacant for an incoming buyer who wants to customize use. With the combination of interior flexibility and outdoor space, this triplex may fit buyers looking for a multi-unit property in a connected, developing area of the neighborhood.
The property is positioned for easy city access in Mott Haven, with walkability and transit convenience noted by Walk Score 97 and Transit Score 100. It is described as being near the 2, 5, and 6 subway lines, along with the Bx17 bus, supporting straightforward commuting throughout the Bronx and beyond.
For investors or owner-occupants, the unit mix and separate utilities can support a practical approach to leasing and day-to-day operations. The first and third floor units are currently occupied, with no leases in place as per seller request, and the property can be delivered vacant for an incoming buyer who wants to customize use. With the combination of interior flexibility and outdoor space, this triplex may fit buyers looking for a multi-unit property in a connected, developing area of the neighborhood.
Key Highlights
- 3‑unit triplex (3,606 sq. ft.) built in 2005 in Mott Haven
- Flexible unit mix with spacious 2–3 and 3‑bedroom apartments; 2 bedrooms include 2 bathrooms and 3 bedrooms include an ensuite
- Separate utilities for each unit
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
$91,598
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
6.70%
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%
$1,831,960
$1.8M
Cap Rate 7%
$1,308,543
$1.3M
Cap Rate 9%
$1,017,756
$1.0M
Market Conditions
NOI Build-Up for 3,606 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
$138.5K $38.40/SF
− Vacancy
−$7.6K −$2.11/SF
EGI
$130.9K $36.29/SF
− OpEx
−$39.3K −$10.89/SF
NOI
$91.6K $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 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%
$1,831,960
Cap Rate 7%
$1,308,543
Cap Rate 9%
$1,017,756
Alternative Uses
Best Use
Multifamily LT 5
$1.31M
$1.14M – $1.53M
NOI $91,598 @ 7.0% cap · market cap 6.70%
Second Best
Apartment 5plus
$1.19M
$1.04M – $1.38M
NOI $82,951 @ 7.0% cap · market cap 6.07%
Theoretical Best
Warehouse
$2.50M
$2.19M – $2.92M
NOI $174,909 @ 7.0% cap · market cap 12.80%
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
5,794
Businesses Nearby
Explore this area
Business Placement
Demographics for 10455, NY
43,804
Population
16,608
Households
2.6
Avg Household Size
33
Median Age
16%
College-Educated
69%
High-School Grad
0.7 sq mi
ZIP Area
62,577
Density / Sq Mi
$36,701
Median Household Income
$33,892
Median Earnings
$1,130
Median Rent
$348,700
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 - Three-unit income property with separate utilities and a walk-out basement leading to a private backyard.
Where is this triplex located?
The property is located at 523 E 148th St The Bronx, NY.
What is the asking price?
The asking price for this property is $1,367,000.
What are key features of this property?
This property features: 3‑unit triplex (3,606 sq. ft.) built in 2005 in Mott Haven; Flexible unit mix with spacious 2–3 and 3‑bedroom apartments; 2 bedrooms include 2 bathrooms and 3 bedrooms include an ensuite; Separate utilities for each unit
