Three-Unit Multifamily
For Sale
$1,150,000
756 E 223rd Street, Bronx, NY 10466
Legal three-family layout with one-, two-, and three-bedroom apartments across a well-maintained residential income property.
Property Size1,614 SF
Price / SF$712.52
Days on Market62
Property Features for 756 E 223rd Street
General Information
Standard status
Active
Size
1,614 SF
Property subtype
Triplex
Taxes and HOA fees
Annual Taxes
$6,158
Building Details
Building Size
1,614 SF
Year Built
1925
Buildings
2
Listing Agency:
Keller Williams Realty NYC Grp
(607) 669-3361
Listed By:
Steven M. Padernacht · License #10301217114
Source:
Shawmetro
Added: Jun 11
Changed: Aug 11
Last Checked: Aug 11 at 3:58AM
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.
This 1,614 SF multifamily property at 756 E 223rd Street is configured as a legal three-family residence. The apartment mix includes a ground-level one-bedroom unit, a first-floor three-bedroom unit, and a second-floor two-bedroom unit. Built in 1925, the property is described as being in good overall condition and currently generates rental income.
The sale includes 752 and 756 East 223rd Street together, and the properties must be purchased as a package. The combined lots may support exploration of a 10+ unit development concept, subject to zoning, approvals, permits, buildable-area analysis, and buyer due diligence. Public transportation, shopping, schools, and major roadways are identified as nearby.
The sale includes 752 and 756 East 223rd Street together, and the properties must be purchased as a package. The combined lots may support exploration of a 10+ unit development concept, subject to zoning, approvals, permits, buildable-area analysis, and buyer due diligence. Public transportation, shopping, schools, and major roadways are identified as nearby.
Key Highlights
- Legal three‑family property with one-, two-, and three‑bedroom units
- 1,614 SF multifamily property built in 1925
- Current apartment mix includes 1‑bedroom, 3‑bedroom, and 2‑bedroom units
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
$40,998
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
3.57%
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%
$819,960
$820.0K
Cap Rate 7%
$585,686
$585.7K
Cap Rate 9%
$455,533
$455.5K
Market Conditions
NOI Build-Up for 1,614 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
$62.0K $38.40/SF
− Vacancy
−$3.4K −$2.11/SF
EGI
$58.6K $36.29/SF
− OpEx
−$17.6K −$10.89/SF
NOI
$41.0K $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%
$819,960
Cap Rate 7%
$585,686
Cap Rate 9%
$455,533
Alternative Uses
Best Use
Multifamily LT 5
$585.7K
$512.5K – $683.3K
NOI $40,998 @ 7.0% cap · market cap 3.57%
Second Best
Apartment 5plus
$530.4K
$464.1K – $618.8K
NOI $37,128 @ 7.0% cap · market cap 3.23%
Theoretical Best
Warehouse
$1.12M
$978.6K – $1.30M
NOI $78,287 @ 7.0% cap · market cap 6.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,719
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?
Triplex - Legal three-family layout with one-, two-, and three-bedroom apartments across a well-maintained residential income property.
Where is this triplex located?
The property is located at 756 E 223rd Street Bronx, NY.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Legal three‑family property with one-, two-, and three‑bedroom units; 1,614 SF multifamily property built in 1925; Current apartment mix includes 1‑bedroom, 3‑bedroom, and 2‑bedroom units
