Four-Family Brick Residence in
For Sale
$1,200,000
839 E 228th Street, Bronx, NY 10466
Multifamily investment opportunity in Northeast Bronx with parking.
Property Size3,000 SF
Days on Market334
Property Features for 839 E 228th Street
General Information
Standard status
Active
Size
3,000 SF
Property subtype
Quadruplex
Amenities
Baseboard
Oil
Electricity Available, Electricity Connected, Natural Gas Available, Natural Gas Connected, Sewer Available, Sewer Connected, Trash Collection Public, Water Available, Water Connected
Building Details
Building Size
3,000 SF
Year Built
1930
Listing Agency:
Keller Williams Realty Group
(917) 517-4004
Listed By:
Janet Bingham · License #10301222227
(917) 517-4004
Source:
Kw
Added: Sep 30, 2025
Changed: Aug 27
Last Checked: Aug 26 at 4:02PM
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 Group
Investment Insights
Based on property information with market context.
Located in the Northeast Bronx, this well-maintained four-family brick residence presents a multifamily investment opportunity. The property features two two-bedroom units and two one-bedroom units. A full basement provides additional living space and storage. The property includes a spacious backyard suitable for outdoor activities. A three-car driveway offers convenient parking. Nearby amenities include public transportation, Bay Plaza Shopping Mall, parks, dining establishments, and both public and private schools. The property is sold as is.
Key Highlights
- Four‑family brick residence offering multifamily investment opportunity or owner‑occupied living.
- Two 2‑bedroom and two 1‑bedroom apartments.
- 3‑car driveway for convenient parking.
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
$76,205
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
6.35%
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%
$1,524,100
$1.5M
Cap Rate 7%
$1,088,643
$1.1M
Cap Rate 9%
$846,722
$846.7K
Market Conditions
NOI Build-Up for 3,000 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
$115.2K $38.40/SF
− Vacancy
−$6.3K −$2.11/SF
EGI
$108.9K $36.29/SF
− OpEx
−$32.7K −$10.89/SF
NOI
$76.2K $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%
$1,524,100
Cap Rate 7%
$1,088,643
Cap Rate 9%
$846,722
Alternative Uses
Best Use
Multifamily LT 5
$1.09M
$952.6K – $1.27M
NOI $76,205 @ 7.0% cap · market cap 6.35%
Second Best
Apartment 5plus
$985.9K
$862.6K – $1.15M
NOI $69,011 @ 7.0% cap · market cap 5.75%
Theoretical Best
Warehouse
$2.08M
$1.82M – $2.43M
NOI $145,515 @ 7.0% cap · market cap 12.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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?
Quadplex - Multifamily investment opportunity in Northeast Bronx with parking.
Where is this quadplex located?
The property is located at 839 E 228th Street Bronx, NY.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Four‑family brick residence offering multifamily investment opportunity or owner‑occupied living.; Two 2‑bedroom and two 1‑bedroom apartments.; 3‑car driveway for convenient parking.
