Elevator Apartment
For Sale
$6,600,000
715 E 214th St The, Bronx, NY 10467
Fully occupied multifamily property with a varied studio, one-bedroom, and two-bedroom unit mix.
Property Size24,302 SF
Days on Market23
Property Features for 715 E 214th St The
General Information
Standard status
Active
Size
24,302 SF
Elevators
Yes
Property subtype
Commercial
Occupancy
100%
Units
Unit Mix
19 x studio, 9 x one-bedroom, 9 x two-bedroom
Multifamily Units
37
Additional Details
Gross Income
$699,826
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$2,326
Building Details
Building Size
24,302 SF
Year Built
2013
Units
37
Listing Agency:
Link NY Realty
Listed By:
Valon Nikci · License #10491202180
(646) 321-9428
Source:
Elliman
Added: Sep 9
Changed: Sep 24
Last Checked: Oct 1 at 1:03PM
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 Link NY Realty
Investment Insights
Based on property information with market context.
715 East 214th Street is a 2013 elevator apartment building containing 37 residential units. The configuration includes 19 studios, 9 one-bedroom apartments, and 9 two-bedroom apartments. The property is 100% occupied, with tenants paying heat and electric. Housing organizations and government-assisted programs support occupancy across many apartments.
The building is located in Wakefield, one block from the 225th Street subway station serving the 2/5 lines. Metro-North provides access to Grand Central in approximately 25 minutes. The property has a cap rate of over 10% and an 87%+ NOI margin. Walk Score is 83, Transit Score is 82, and Bike Score is 74.
The building is located in Wakefield, one block from the 225th Street subway station serving the 2/5 lines. Metro-North provides access to Grand Central in approximately 25 minutes. The property has a cap rate of over 10% and an 87%+ NOI margin. Walk Score is 83, Transit Score is 82, and Bike Score is 74.
Key Highlights
- 37‑unit elevator apartment building completed in 2013
- Unit mix includes 19 studios, 9 one‑bedrooms, and 9 two‑bedrooms
- 100% occupied with housing organization and government‑assisted program participation
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
$528,816
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
8.01%
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%
$10,576,320
$10.6M
Cap Rate 7%
$7,554,514
$7.6M
Cap Rate 9%
$5,875,733
$5.9M
Market Conditions
NOI Build-Up for 24,302 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
$1.02M $42.00/SF
− Vacancy
−$59.2K −$2.44/SF
EGI
$961.5K $39.56/SF
− OpEx
−$432.7K −$17.80/SF
NOI
$528.8K $21.76/SF
Area
ZIP 10467
Vacancy
5.80%
Lease Rate
$42.00 /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%
$10,576,320
Cap Rate 7%
$7,554,514
Cap Rate 9%
$5,875,733
Alternative Uses
Best Use
Apartment 5plus
$7.55M
$6.61M – $8.81M
NOI $528,816 @ 7.0% cap · market cap 8.01%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$16.84M
$14.73M – $19.65M
NOI $1,178,770 @ 7.0% cap · market cap 17.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
37
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,185
Businesses Nearby
Explore this area
Business Placement
Demographics for 10467, NY
103,660
Population
40,582
Households
2.6
Avg Household Size
36
Median Age
22%
College-Educated
75%
High-School Grad
2.3 sq mi
ZIP Area
45,070
Density / Sq Mi
$47,806
Median Household Income
$36,949
Median Earnings
$1,505
Median Rent
$425,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied multifamily property with a varied studio, one-bedroom, and two-bedroom unit mix.
Where is this apartment building located?
The property is located at 715 E 214th St The Bronx, NY.
What is the asking price?
The asking price for this property is $6,600,000.
What are key features of this property?
This property features: 37‑unit elevator apartment building completed in 2013; Unit mix includes 19 studios, 9 one‑bedrooms, and 9 two‑bedrooms; 100% occupied with housing organization and government‑assisted program participation
