Well-Maintained Bronx Legal
For Sale
$1,299,000
789 Jennings St The, Bronx, NY 10459
Legal 3-family property built in 2006 with strong rent roll.
Property Size2,925 SF
Days on Market125
Property Features for 789 Jennings St The
General Information
Standard status
Active
Size
2,925 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$2,221
Building Details
Building Size
2,925 SF
Year Built
2006
Units
3
Listing Agency:
Laffey Real Estate
(917) 664-6000
Listed By:
Theresa Maniscalchi
(917) 664-6000
Source:
Elliman
Added: Apr 9
Changed: Aug 9
Last Checked: Aug 10 at 3:52AM
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 Laffey Real Estate
Investment Insights
Based on property information with market context.
Located at 789 Jennings Street in the Bronx, this is a legal 3-family property constructed in 2006. The property generates a rent roll of $9,730 per month, yielding over a 7.5% cap rate. Each unit features a spacious layout and ample natural light. Tenants are responsible for their own utility payments. Recent updates include renovations to two kitchens and the installation of solar panels three years ago. The property also includes a full basement with an outside entrance and laundry facilities. The unit breakdown is as follows: a 3-bedroom, 2-bathroom unit renting for $3,550; another 3-bedroom, 2-bathroom unit renting for $3,580; and a 2-bedroom, 1-bathroom unit renting for $2,600. The location offers convenient access to public transportation, facilitating commutes to Manhattan. The property has a bike score of 74, indicating it is very bikeable, a walk score of 80, indicating it is very walkable, and a transit score of 100, indicating it is a rider's paradise.
Key Highlights
- Strong rent roll of $9,730/month and over a 7.5% cap rate.
- Legal 3‑family built in 2006, offering a modern structure.
- Each unit features spacious layouts and great natural light.
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
$74,300
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
5.72%
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%
$1,486,000
$1.5M
Cap Rate 7%
$1,061,429
$1.1M
Cap Rate 9%
$825,556
$825.6K
Market Conditions
NOI Build-Up for 2,925 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
$112.3K $38.40/SF
− Vacancy
−$6.2K −$2.11/SF
EGI
$106.1K $36.29/SF
− OpEx
−$31.8K −$10.89/SF
NOI
$74.3K $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%
$1,486,000
Cap Rate 7%
$1,061,429
Cap Rate 9%
$825,556
Alternative Uses
Best Use
Multifamily LT 5
$1.06M
$928.8K – $1.24M
NOI $74,300 @ 7.0% cap · market cap 5.72%
Second Best
Apartment 5plus
$961.2K
$841.1K – $1.12M
NOI $67,286 @ 7.0% cap · market cap 5.18%
Theoretical Best
Warehouse
$2.03M
$1.77M – $2.36M
NOI $141,877 @ 7.0% cap · market cap 10.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,378
Businesses Nearby
Explore this area
Business Placement
Demographics for 10459, NY
50,984
Population
18,678
Households
2.7
Avg Household Size
34
Median Age
14%
College-Educated
68%
High-School Grad
0.8 sq mi
ZIP Area
63,730
Density / Sq Mi
$39,276
Median Household Income
$30,200
Median Earnings
$1,285
Median Rent
$589,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Legal 3-family property built in 2006 with strong rent roll.
Where is this triplex located?
The property is located at 789 Jennings St The Bronx, NY.
What is the asking price?
The asking price for this property is $1,299,000.
What are key features of this property?
This property features: Strong rent roll of $9,730/month and over a 7.5% cap rate.; Legal 3‑family built in 2006, offering a modern structure.; Each unit features spacious layouts and great natural light.
