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    Three-Unit Triplex with Private Backyard Title is generated by Realmo AI

    523 E 148th St The, Bronx, NY 10455

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    New
    For Sale
    $1,367,000

    Three-unit income property with separate utilities and a walk-out basement leading to a private backyard.

    Type:Investment
    Property size:
    3,606 SF
    Price / SF:
    $379/SF
    Added:
    Jun 3, 2026
    Days on Market:
    4
    Last Refresh:
    Jun 6 at 2:43 am

    Property Features for 523 E 148th St The

    General Information

    Standard status
    Active
    Size
    3,606 SF
    Property subtype
    Investment

    Building Details

    Year Built
    2005

    We can help!

    Listing Contact
    Evelyn Jean-Delere

    Listing agent Evelyn Jean-Delere

    Listing office

    Listing date Jun 3, 2026

    Source Elliman

    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

    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
    • Full, walk‑out basement that opens to a large private backyard
    • 1st and 3rd floor units currently occupied; seller states there are no leases for those units
    • Transit access: near the 2, 5, and 6 subway lines and the Bx17 bus; walkScore 97 and transitScore 100

    Overview

    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.

    Local Financial Insights For Multifamily LT 5

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $138.5k $38.40
    − Vacancy −$7.6k −$2.11
    EGI $130.9k $36.29
    − OpEx −$39.3k −$10.89
    NOI $91.6k $25.40
    3,606 SF · lease $38.40/SF/yr · vacancy 5.50% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $1.31M
    $1.14M – $1.53M (±1% cap)
    NOI $91,598 @ 7.0% cap · market cap 6.70%
    Second Best
    Apartment 5plus
    $1.19M
    $1.04M – $1.38M (±1% cap)
    NOI $82,951 @ 7.0% cap · market cap 6.07%
    Theoretical Best
    Warehouse
    $2.50M
    $2.19M – $2.92M (±1% cap)
    NOI $174,909 @ 7.0% cap · market cap 12.80%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Bronx
    County
    Bronx
    State
    New York
    Longitude
    -73.914508
    Latitude
    40.814208

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    FAQs

    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
    (646) 373-3867
    We can help!
    Listing Contact
    Evelyn Jean-Delere
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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