Two-Unit Multifamily
For Sale
$850,000
834 E 229th Street, Bronx, NY 10466
Two occupied residential units are complemented by a finished walk-out basement and private off-street parking.
Property Size1,744 SF
Lot Size0.07 Acres
Price / SF$487.39
Days on Market8
Property Features for 834 E 229th Street
General Information
Standard status
Active
Size
1,744 SF
Total Parking Spaces
5
Lot size
0.07 Acres
Property subtype
Duplex
Units
Unit Mix
2 x 2BR
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,040
Building Details
Building Size
1,744 SF
Year Built
1910
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
Howard Hanna Rand Realty
(914) 328-0333
Listed By:
Kimona Hanson · License #10401311628
Source:
Shawmetro
Added: Aug 15
Changed: Aug 21
Last Checked: Aug 22 at 12:08PM
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 Howard Hanna Rand Realty
Investment Insights
Based on property information with market context.
This two-story duplex contains approximately 1,744 square feet of living space on a 2,861-square-foot lot. The property includes two residential units, each with 2 bedrooms, while long-term tenants are currently in place. A fully finished walk-out basement adds two additional bedrooms and expands the usable area of the home. Built in 1910, the property also features a private driveway with parking for approximately 5 cars.
The property is located in the Wakefield neighborhood of the Bronx, near transportation, shopping, schools, and other neighborhood amenities. Its two-unit configuration, basement area, and off-street parking provide a practical layout for residential rental use.
The property is located in the Wakefield neighborhood of the Bronx, near transportation, shopping, schools, and other neighborhood amenities. Its two-unit configuration, basement area, and off-street parking provide a practical layout for residential rental use.
Key Highlights
- Two residential units, each with 2 bedrooms
- Approximately 1,744 square feet on a 2,861‑square‑foot lot
- Long‑term tenants currently in place
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
$44,300
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
5.21%
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%
$886,000
$886.0K
Cap Rate 7%
$632,857
$632.9K
Cap Rate 9%
$492,222
$492.2K
Market Conditions
NOI Build-Up for 1,744 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
$67.0K $38.40/SF
− Vacancy
−$3.7K −$2.11/SF
EGI
$63.3K $36.29/SF
− OpEx
−$19.0K −$10.89/SF
NOI
$44.3K $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%
$886,000
Cap Rate 7%
$632,857
Cap Rate 9%
$492,222
Alternative Uses
Best Use
Multifamily LT 5
$632.9K
$553.8K – $738.3K
NOI $44,300 @ 7.0% cap · market cap 5.21%
Second Best
Apartment 5plus
$573.1K
$501.5K – $668.6K
NOI $40,118 @ 7.0% cap · market cap 4.72%
Theoretical Best
Warehouse
$1.21M
$1.06M – $1.41M
NOI $84,593 @ 7.0% cap · market cap 9.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,903
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?
Duplex - Two occupied residential units are complemented by a finished walk-out basement and private off-street parking.
Where is this duplex located?
The property is located at 834 E 229th Street Bronx, NY.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Two residential units, each with 2 bedrooms; Approximately 1,744 square feet on a 2,861‑square‑foot lot; Long‑term tenants currently in place
