Renovated Multifamily Property with
New
For Sale
$999,000
758 E 224th St The, Bronx, NY 10466
Apartments feature two bedrooms, individual heating, and separate gas and electric service.
Property Size2,500 SF
Days on Market4
Property Features for 758 E 224th St The
General Information
Standard status
Active
Size
2,500 SF
Property subtype
Investment
Additional Details
Public Transit
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$9,244
Building Details
Building Size
2,500 SF
Year Built
1925
Units
3
Listing Agency:
Shaw Properties
Listed By:
Duwayne Shaw · License #37SH1038306
(914) 377-2371
Source:
Elliman
Added: Sep 28
Changed: Sep 29
Last Checked: Oct 1 at 12:35PM
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 Shaw Properties
Investment Insights
Based on property information with market context.
This renovated multifamily property includes apartments with two bedrooms, stainless steel appliances, and independent heating. Gas and electric service are separately metered by unit. An additional dwelling unit sits at the rear of the property, adding another residential space to the configuration.
The building dates to 1925. Train service, shopping, restaurants, and other everyday amenities are within walking distance, with walk, transit, and bike scores of 90, 80, and 50, respectively.
The building dates to 1925. Train service, shopping, restaurants, and other everyday amenities are within walking distance, with walk, transit, and bike scores of 90, 80, and 50, respectively.
Key Highlights
- Rear additional dwelling unit
- Apartments with two bedrooms and stainless steel appliances
- Independent heating in each apartment
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
$63,504
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
6.36%
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%
$1,270,080
$1.3M
Cap Rate 7%
$907,200
$907.2K
Cap Rate 9%
$705,600
$705.6K
Market Conditions
NOI Build-Up for 2,500 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
$96.0K $38.40/SF
− Vacancy
−$5.3K −$2.11/SF
EGI
$90.7K $36.29/SF
− OpEx
−$27.2K −$10.89/SF
NOI
$63.5K $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%
$1,270,080
Cap Rate 7%
$907,200
Cap Rate 9%
$705,600
Alternative Uses
Best Use
Multifamily LT 5
$907.2K
$793.8K – $1.06M
NOI $63,504 @ 7.0% cap · market cap 6.36%
Second Best
Apartment 5plus
$821.6K
$718.9K – $958.5K
NOI $57,509 @ 7.0% cap · market cap 5.76%
Theoretical Best
Warehouse
$1.73M
$1.52M – $2.02M
NOI $121,263 @ 7.0% cap · market cap 12.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
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
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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?
Quadplex - Apartments feature two bedrooms, individual heating, and separate gas and electric service.
Where is this quadplex located?
The property is located at 758 E 224th St The Bronx, NY.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Rear additional dwelling unit; Apartments with two bedrooms and stainless steel appliances; Independent heating in each apartment
