Multifamily Portfolio with Assumable
For Sale
$5,500,000
668 E 226th Street, Bronx, NY 10466
Three-building, 30-unit portfolio offered with an assumable mortgage and stated expense and utility payment structure.
Property Size21,477 SF
Price / SF$256.09
Days on Market87
Property Features for 668 E 226th Street
General Information
Standard status
Active
Size
21,477 SF
Property subtype
Multi Family
Additional Details
Business Included
Yes
Multifamily Units
30
Taxes and HOA fees
Annual Taxes
$2,348
Building Details
Building Size
21,477 SF
Year Built
2008
Tenancy
Multi
Listing Agency:
At Home With Yara Realty
(914) 372-1404
Listed By:
Yara Annechiarico · License #11111111111111111111
Source:
Shawmetro
Added: Jun 4
Changed: Aug 25
Last Checked: Aug 26 at 2:55PM
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 At Home With Yara Realty
Investment Insights
Based on property information with market context.
Eileen Kolesar Gardens is a 3-building, 30-unit residential income portfolio built in 2008 and described as fully operational. The offering is presented as stabilized, with tenants in place and a stated operating profile tied to controlled expenses. The remarks also note an assumable mortgage and tax abatements, along with landlord-paid heat, water, and cooking gas.
The property is located at 668, 670, and 674 E 226th Street in the Bronx, New York (10466). The portfolio format across three buildings supports an investor approach focused on a single acquisition rather than multiple separate purchases.
For buyers underwriting multifamily cash-flow fundamentals, the stated structure is intended to reduce day-one uncertainty by pairing an assumable financing option with tax abatements and landlord-paid utilities. Prospective buyers can review the exact rent roll and expense details during their diligence, using the property’s described stabilized operations and 2008 construction as a baseline for underwriting.
The property is located at 668, 670, and 674 E 226th Street in the Bronx, New York (10466). The portfolio format across three buildings supports an investor approach focused on a single acquisition rather than multiple separate purchases.
For buyers underwriting multifamily cash-flow fundamentals, the stated structure is intended to reduce day-one uncertainty by pairing an assumable financing option with tax abatements and landlord-paid utilities. Prospective buyers can review the exact rent roll and expense details during their diligence, using the property’s described stabilized operations and 2008 construction as a baseline for underwriting.
Key Highlights
- 2008‑built three‑building portfolio with 30 apartments at 668, 670 & 674 E 226th Street in the Bronx
- Assumable mortgage available
- Taxes are abated
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
$494,049
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
8.98%
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%
$9,880,980
$9.9M
Cap Rate 7%
$7,057,843
$7.1M
Cap Rate 9%
$5,489,433
$5.5M
Market Conditions
NOI Build-Up for 21,477 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
$953.6K $44.40/SF
− Vacancy
−$55.3K −$2.58/SF
EGI
$898.3K $41.82/SF
− OpEx
−$404.2K −$18.82/SF
NOI
$494.0K $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%
$9,880,980
Cap Rate 7%
$7,057,843
Cap Rate 9%
$5,489,433
Alternative Uses
Best Use
Apartment 5plus
$7.06M
$6.18M – $8.23M
NOI $494,049 @ 7.0% cap · market cap 8.98%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$14.88M
$13.02M – $17.36M
NOI $1,041,744 @ 7.0% cap · market cap 18.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
30
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
2,769
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 - Three-building, 30-unit portfolio offered with an assumable mortgage and stated expense and utility payment structure.
Where is this apartment building located?
The property is located at 668 E 226th Street Bronx, NY.
What is the asking price?
The asking price for this property is $5,500,000.
What are key features of this property?
This property features: 2008‑built three‑building portfolio with 30 apartments at 668, 670 & 674 E 226th Street in the Bronx; Assumable mortgage available; Taxes are abated
