Wakefield Bronx Multifamily Investment
For Sale
Contact for pricing
637 E 224th St The, Bronx, NY 10466
Multifamily building in Wakefield, Bronx with market rate apartments.
Property Size7,690 SF
Price / SF$201.56
Days on Market779
Property Features for 637 E 224th St The
General Information
Standard status
Active
Size
7,690 SF
Class
B
Property subtype
Multifamily
Occupancy
100%
Net Operating Income
$155,316
Building Details
Year Built
2006
Units
8
Listing Agency:
Highcap Group
Listed By:
Anthony Volman · License #NY
Source:
Crexi
Added: Jun 26, 2024
Changed: Aug 12
Last Checked: Aug 12 at 8:45AM
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 Highcap Group
Investment Insights
Based on property information with market context.
This multifamily walk-up building, constructed in 2006, is located in Wakefield, Bronx. The property contains eight apartments, all of which are free market and were deregulated as of June 30, 2024. The 421-A tax abatement expired in June 2024, and all leases include riders for market rate renewal increases. The unit mix comprises five one-bedroom apartments, two two-bedroom apartments, and one studio apartment. The building has a total area of 7,691 square feet. Each unit is equipped with individual electric and gas meters. The property presents a potential investment opportunity with market rate renewal options.
Key Highlights
- High Proforma CAP Rate (10.02%) and Actual CAP Rate (7.38%) indicate strong investment potential.
- Free Market Apartments (8) deregulated as of June 30, 2024, allowing for market‑rate rents.
- 421‑A Tax Abatement expiring June 2024, providing a near‑term opportunity for increased revenue.
Property Analytics
Property Profile
Current Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily building in Wakefield, Bronx with market rate apartments.
Where is this apartment building located?
The property is located at 637 E 224th St The Bronx, NY.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: High Proforma CAP Rate (10.02%) and Actual CAP Rate (7.38%) indicate strong investment potential.; Free Market Apartments (8) deregulated as of June 30, 2024, allowing for market‑rate rents.; 421‑A Tax Abatement expiring June 2024, providing a near‑term opportunity for increased revenue.
