Four-Family Residential Income
For Sale
$1,350,000
721 E 242nd St The, Bronx, NY 10470
Four-unit multifamily building in Wakefield with substantial living space and access to transit, shops, and major roadways.
Property Size3,460 SF
Price / SF$397.06
Days on Market51
Property Features for 721 E 242nd St The
General Information
Standard status
Active
Size
3,460 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$7,631
Building Details
Building Size
3,460 SF
Year Built
1931
Units
4
Listing Agency:
Keller Williams Realty NYC Grp
(347) 205-1056
Listed By:
Onyinyechi Ekpecham · License #10401248140
(347) 205-1056
Source:
Elliman
Added: Jul 1
Changed: Aug 10
Last Checked: Aug 19 at 9:28AM
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 E. 242nd St in The Bronx is a four-family residential income property comprising over 3,400 square feet of living space. The building is configured to support four separate residential units, providing an owner with a multi-tenant structure within a single asset.
Set on a quiet residential block in Wakefield, the property is described as being near Metro-North, subway lines, and major roadways. Additional nearby conveniences mentioned include local shops, dining, and schools. Transit-related walk and bike metrics are provided as walkScore 74 (Very Walkable), bikeScore 53 (Bikeable), and transitScore 66 (Good Transit).
This offering may fit investors or buyers seeking a four-unit multifamily building in a well-served area with established neighborhood amenities. With a single building housing four residents, it supports a straightforward ownership model for those looking to manage or operate residential income property while maintaining convenient access to public transit and everyday destinations.
Set on a quiet residential block in Wakefield, the property is described as being near Metro-North, subway lines, and major roadways. Additional nearby conveniences mentioned include local shops, dining, and schools. Transit-related walk and bike metrics are provided as walkScore 74 (Very Walkable), bikeScore 53 (Bikeable), and transitScore 66 (Good Transit).
This offering may fit investors or buyers seeking a four-unit multifamily building in a well-served area with established neighborhood amenities. With a single building housing four residents, it supports a straightforward ownership model for those looking to manage or operate residential income property while maintaining convenient access to public transit and everyday destinations.
Key Highlights
- Four‑family multifamily building at 721 E. 242nd Street in Wakefield
- Built in 1931
- Over 3,400 sq ft of living space
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
$86,365
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
6.40%
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%
$1,727,300
$1.7M
Cap Rate 7%
$1,233,786
$1.2M
Cap Rate 9%
$959,611
$959.6K
Market Conditions
NOI Build-Up for 3,400 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
$130.6K $38.40/SF
− Vacancy
−$7.2K −$2.11/SF
EGI
$123.4K $36.29/SF
− OpEx
−$37.0K −$10.89/SF
NOI
$86.4K $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%
$1,727,300
Cap Rate 7%
$1,233,786
Cap Rate 9%
$959,611
Alternative Uses
Best Use
Multifamily LT 5
$1.23M
$1.08M – $1.44M
NOI $86,365 @ 7.0% cap · market cap 6.40%
Second Best
Apartment 5plus
$1.12M
$977.7K – $1.30M
NOI $78,212 @ 7.0% cap · market cap 5.79%
Theoretical Best
Warehouse
$2.36M
$2.06M – $2.75M
NOI $164,917 @ 7.0% cap · market cap 12.22%
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-unit multifamily building in Wakefield with substantial living space and access to transit, shops, and major roadways.
Where is this quadplex located?
The property is located at 721 E 242nd St The 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 multifamily building at 721 E. 242nd Street in Wakefield; Built in 1931; Over 3,400 sq ft of living space
