Legal Three-Unit Brick Triplex with
For Sale
$1,400,000
854E 229th Street, Bronx, NY 10466
MULTI_FAMILY - Other - Bronx, NY
Property Size3,366 SF
Price / SF$415.92
Days on Market137
Property Features for 854E 229th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 8, Bedroom 6, Bedroom 7, Bedroom 2, Bathroom 3, Bedroom 5, Bedroom 1, Bathroom 2, Bedroom 3, Bathroom 1, Bedroom 4
Subdivision
East Bronx
Standard status
Active
APN
04853-0083
Size
3,366 SF
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
9141
Utilities
Heating system
Baseboard, Natural Gas
Building Details
Year built
1910
Floors in Building
3
Architectural style
Other
Listing Agency:
KELLER WILLIAMS REALTY NYC GROUP
(914) 346-8256
Listed By:
Herminia Florimon · License #10401291032
Added: Mar 31
Changed: Aug 3
Last Checked: Aug 14 at 11:06AM
MLS# 11669774
Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Legal three-unit brick triplex featuring a versatile bedroom layout configured as 4 bedrooms over 3 bedrooms over 2 bedrooms. The building is equipped for multi-family management with three boilers, four electric meters, and three gas meters. Heating is provided via baseboard and natural gas, and the property was built in 1910.
The offering includes four private garages and a private driveway, providing off-street parking and additional storage in the Bronx. The property is currently set up with two tenants’ units occupied, and the property could be delivered vacant. The subject property is located just minutes from the 233rd Street MTA station, with access to major highways, buses, schools, and local shops. The property is positioned within R4 zoning.
At approximately 3,366 square feet, this is a single-lot, three-family brick home designed for income generation today with the option to plan and build additional residential income on the same parcel.
The offering includes four private garages and a private driveway, providing off-street parking and additional storage in the Bronx. The property is currently set up with two tenants’ units occupied, and the property could be delivered vacant. The subject property is located just minutes from the 233rd Street MTA station, with access to major highways, buses, schools, and local shops. The property is positioned within R4 zoning.
At approximately 3,366 square feet, this is a single-lot, three-family brick home designed for income generation today with the option to plan and build additional residential income on the same parcel.
Key Highlights
- Legal three‑family brick triplex with 4 bedrooms over 3 bedrooms over 2 bedrooms
- 4 private garages and a private driveway for off‑street parking and storage
- Three boilers, four electric meters, and three gas meters
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
$85,502
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
6.11%
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%
$1,710,040
$1.7M
Cap Rate 7%
$1,221,457
$1.2M
Cap Rate 9%
$950,022
$950.0K
Market Conditions
NOI Build-Up for 3,366 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
$129.3K $38.40/SF
− Vacancy
−$7.1K −$2.11/SF
EGI
$122.1K $36.29/SF
− OpEx
−$36.6K −$10.89/SF
NOI
$85.5K $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%
$1,710,040
Cap Rate 7%
$1,221,457
Cap Rate 9%
$950,022
Alternative Uses
Best Use
Multifamily LT 5
$1.22M
$1.07M – $1.43M
NOI $85,502 @ 7.0% cap · market cap 6.11%
Second Best
Apartment 5plus
$1.11M
$967.9K – $1.29M
NOI $77,430 @ 7.0% cap · market cap 5.53%
Theoretical Best
Warehouse
$2.33M
$2.04M – $2.72M
NOI $163,268 @ 7.0% cap · market cap 11.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,004
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 triplex on an R4 lot with four private garages, private driveway, and baseboard natural gas heating.
Where is this triplex located?
The property is located at 854E 229th Street Bronx, NY.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Legal three‑family brick triplex with 4 bedrooms over 3 bedrooms over 2 bedrooms; 4 private garages and a private driveway for off‑street parking and storage; Three boilers, four electric meters, and three gas meters
