8-Unit Apartment
For Sale
$1,700,000
626 E 223rd Street, Bronx, NY 10466
The building combines studio, one-bedroom, and two-bedroom residences.
Property Size6,384 SF
Price / SF$266.29
Days on Market10
Property Features for 626 E 223rd Street
General Information
Standard status
Active
Size
6,384 SF
Property subtype
Multi Family
Units
Unit Mix
4 x studio, 1 x 1BR, 3 x 2BR
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$2,295
Building Details
Building Size
6,384 SF
Year Built
2016
Buildings
1
Listing Agency:
New Concept Sheiks Realty Inc.
(718) 320-4700
Listed By:
Sheik Khan · License #10311203596
Source:
Shawmetro
Added: Aug 13
Changed: Aug 21
Last Checked: Aug 21 at 5:44AM
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 New Concept Sheiks Realty Inc.
Investment Insights
Based on property information with market context.
Built in 2016, this eight-unit apartment building offers a defined mix of studio, one-bedroom, and two-bedroom residences. The configuration includes four studios, one one-bedroom unit, and three two-bedroom units.
The property is located at 626 E 223rd Street in the Bronx, New York, 10466.
The property is located at 626 E 223rd Street in the Bronx, New York, 10466.
Key Highlights
- Eight‑family apartment building
- Unit mix includes 4 studios, 1 one‑bedroom, and 3 two‑bedroom units
- Built in 2016
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
$146,855
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
8.64%
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%
$2,937,100
$2.9M
Cap Rate 7%
$2,097,929
$2.1M
Cap Rate 9%
$1,631,722
$1.6M
Market Conditions
NOI Build-Up for 6,384 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
$283.4K $44.40/SF
− Vacancy
−$16.4K −$2.58/SF
EGI
$267.0K $41.82/SF
− OpEx
−$120.2K −$18.82/SF
NOI
$146.9K $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%
$2,937,100
Cap Rate 7%
$2,097,929
Cap Rate 9%
$1,631,722
Alternative Uses
Best Use
Apartment 5plus
$2.10M
$1.84M – $2.45M
NOI $146,855 @ 7.0% cap · market cap 8.64%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$4.42M
$3.87M – $5.16M
NOI $309,656 @ 7.0% cap · market cap 18.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
2,581
Businesses Nearby
Explore this area
Business Placement
Demographics for 10466, NY
70,420
Population
26,303
Households
2.7
Avg Household Size
38
Median Age
26%
College-Educated
81%
High-School Grad
2.0 sq mi
ZIP Area
35,210
Density / Sq Mi
$66,328
Median Household Income
$44,053
Median Earnings
$1,528
Median Rent
$605,300
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?
Apartment building - The building combines studio, one-bedroom, and two-bedroom residences.
Where is this apartment building located?
The property is located at 626 E 223rd Street Bronx, NY.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: Eight‑family apartment building; Unit mix includes 4 studios, 1 one‑bedroom, and 3 two‑bedroom units; Built in 2016
