Four-Family Residential
For Sale
$1,350,000
Pending
721 E 242nd Street, Bronx, NY 10470
Four-family income property offering more than 3,400 sq. ft. in the Wakefield area with nearby transit and daily amenities.
Property Size3,460 SF
Days on Market77
Property Features for 721 E 242nd Street
General Information
Standard status
Pending
Size
3,460 SF
Property subtype
Quadruplex
Taxes and HOA fees
Annual Taxes
$7,631
Building Details
Building Size
3,460 SF
Year Built
1931
Listing Agency:
Keller Williams Realty NYC Grp
Listed By:
Onyinyechi Ekpecham · License #10401248140
(347) 205-1056
Source:
Shawmetro
Added: Jun 25
Changed: Sep 8
Last Checked: Sep 8 at 12:15PM
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 Keller Williams Realty NYC Grp
Investment Insights
Based on property information with market context.
721 East 242nd Street is a four-family residential investment building offering more than 3,400 square feet of living space. The property is described as a multifamily residence with four rental units, positioned on a quiet residential block.
Located in the Wakefield area of the Bronx, the building is stated to be close to Metro-North, subway lines, major roadways, and everyday conveniences including local shops, dining, and schools. This creates a practical base for tenants seeking access to transit and neighborhood services.
The offering is presented for sale as a four-family asset intended to generate rental income, with the full building configuration included in the purchase.
Located in the Wakefield area of the Bronx, the building is stated to be close to Metro-North, subway lines, major roadways, and everyday conveniences including local shops, dining, and schools. This creates a practical base for tenants seeking access to transit and neighborhood services.
The offering is presented for sale as a four-family asset intended to generate rental income, with the full building configuration included in the purchase.
Key Highlights
- Four‑family building built in 1931 with block and brick construction
- Offers over 3,400 sq. ft. of living space
- Basement is listed as 'see remarks' and 'yes'
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
$87,890
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
6.51%
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%
$1,757,800
$1.8M
Cap Rate 7%
$1,255,571
$1.3M
Cap Rate 9%
$976,556
$976.6K
Market Conditions
NOI Build-Up for 3,460 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
$132.9K $38.40/SF
− Vacancy
−$7.3K −$2.11/SF
EGI
$125.6K $36.29/SF
− OpEx
−$37.7K −$10.89/SF
NOI
$87.9K $25.40/SF
Area
Bronx, NY
Vacancy
5.50%
Lease Rate
$38.40 /SF/Yr
Expense Ratio
30.00%
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%
$1,757,800
Cap Rate 7%
$1,255,571
Cap Rate 9%
$976,556
Alternative Uses
Best Use
Multifamily LT 5
$1.26M
$1.10M – $1.46M
NOI $87,890 @ 7.0% cap · market cap 6.51%
Second Best
Apartment 5plus
$1.14M
$994.9K – $1.33M
NOI $79,593 @ 7.0% cap · market cap 5.90%
Theoretical Best
Warehouse
$2.40M
$2.10M – $2.80M
NOI $167,828 @ 7.0% cap · market cap 12.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,353
Businesses Nearby
Explore this area
Business Placement
Demographics for 10470, NY
16,686
Population
6,869
Households
2.4
Avg Household Size
38
Median Age
41%
College-Educated
86%
High-School Grad
1.4 sq mi
ZIP Area
11,919
Density / Sq Mi
$81,134
Median Household Income
$54,227
Median Earnings
$1,656
Median Rent
$500,400
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?
Quadplex - Four-family income property offering more than 3,400 sq. ft. in the Wakefield area with nearby transit and daily amenities.
Where is this quadplex located?
The property is located at 721 E 242nd Street Bronx, NY.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Four‑family building built in 1931 with block and brick construction; Offers over 3,400 sq. ft. of living space; Basement is listed as 'see remarks' and 'yes'
