Multifamily Property with Street
For Sale
$2,999,000
721-723 East 221st street, Bronx, NY 10467
Well-maintained residential property with multiple units, functional layouts, and access to transportation, shopping, dining, and schools.
Property Size5,000 SF
Price / SF$599.80
Days on Market62
Property Features for 721-723 East 221st street
General Information
Standard status
Active
Size
5,000 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$2,300
Building Details
Building Size
5,000 SF
Year Built
2011
Listing Agency:
eRealty Advisors, Inc
(929) 536-5203
Listed By:
Isabel C. Saenz
Source:
Shawmetro
Added: Jun 10
Changed: Aug 3
Last Checked: Aug 3 at 9:06AM
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 eRealty Advisors, Inc
Investment Insights
Based on property information with market context.
This multifamily property encompasses 5,000 square feet and was built in 2011. The building contains multiple residential units with spacious interiors, practical floor plans, and abundant natural light. On-street parking serves the property, while the exterior includes curb appeal described in the listing information.
The property is situated near major transportation routes, shopping, dining, schools, and other local amenities. Its residential configuration supports both investment and owner-occupant consideration, with multiple units and layouts designed for everyday living.
The property is situated near major transportation routes, shopping, dining, schools, and other local amenities. Its residential configuration supports both investment and owner-occupant consideration, with multiple units and layouts designed for everyday living.
Key Highlights
- 5,000‑square‑foot multifamily property
- Built in 2011
- Multiple residential units with spacious layouts
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
$108,801
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
3.63%
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%
$2,176,020
$2.2M
Cap Rate 7%
$1,554,300
$1.6M
Cap Rate 9%
$1,208,900
$1.2M
Market Conditions
NOI Build-Up for 5,000 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
$210.0K $42.00/SF
− Vacancy
−$12.2K −$2.44/SF
EGI
$197.8K $39.56/SF
− OpEx
−$89.0K −$17.80/SF
NOI
$108.8K $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%
$2,176,020
Cap Rate 7%
$1,554,300
Cap Rate 9%
$1,208,900
Alternative Uses
Best Use
Apartment 5plus
$1.55M
$1.36M – $1.81M
NOI $108,801 @ 7.0% cap · market cap 3.63%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$3.46M
$3.03M – $4.04M
NOI $242,525 @ 7.0% cap · market cap 8.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,345
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Well-maintained residential property with multiple units, functional layouts, and access to transportation, shopping, dining, and schools.
Where is this multifamily property located?
The property is located at 721-723 East 221st street Bronx, NY.
What is the asking price?
The asking price for this property is $2,999,000.
What are key features of this property?
This property features: 5,000‑square‑foot multifamily property; Built in 2011; Multiple residential units with spacious layouts
